What type of financial institutions will be required to submit financial data to the OFR?
This is going to be decided by the FSC and the director of the OFR. The FSC will be able to exempt certain classes of institutions if it feels this is appropriate. There has been some discussion about whether or not reporting requirements will be a burden on smaller institutions, but in fact the smaller institutions tend to use third-party providers for this type of data management, so it is not too burdensome. However, these smaller firms, such as local credit unions, are probably not as important in terms of identifying systemic risk impacting the entire financial system. There has been some push to exempt the insurance sector entirely. And the reason for this is that currently under U.S. financial regulation, insurance companies have historically been regulated not at the federal level but within individual states. One of the insurance lobbying groups have stated that they believe the proposed bill should be changed so the insurance sector would not be covered by the OFR and would t
