GE Capital, the financial arm of conglomerate GE, no longer poses enough of a threat to the financial system that it needs to be regulated like a bank, federal regulators announced Wednesday.

The Financial Stability Oversight Council, the supergroup of regulators empowered to identify financial risks and regulate non-banks, said Wednesday morning that had voted Tuesday to remove the “systemically important financial institution” label from GE Capital, the finance arm of GE.