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FSOC vs. MetLife legal battle resumes in October

Joe Mont | August 25, 2016

Round two of the fight between insurance giant MetLife and the government over its status as a systemically important financial institution heads to court in October.

The U.S. Court of Appeals for the D.C. Circuit has scheduled oral arguments in the Financial Stability Oversight Council’s appeal of MetLife’s successful lawsuit and subsequent de-designation for Oct. 24 at 9:30 a.m.

FSOC was established under the Dodd-Frank Act, charged with identifying risks to the nation’s financial stability and responding to emerging risks. An institution it deems as systemically important is required to conduct regular stress tests, prepare credit exposure reports, and draft “living wills” that document resolution and liquidation plans. They may also face enhanced prudential standards, including requirements regarding risk-based capital and leverage, liquidity, risk management, early remediation, and credit concentration. In December 2014, it designated Metlife, the nation’s...

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