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MetLife Makes a Federal Case of its SIFI Designation

Joe Mont | January 13, 2015

MetLife has filed a lawsuit in an attempt to undo its designation as a non-bank Systemically Important Financial Institution by the Financial Stability Oversight Council. marks the first time a SIFI designation has been challenged before a federal judge

 “We had hoped to avoid litigation after we presented substantial and compelling evidence to FSOC demonstrating that MetLife is not systemically important,” MetLife CEO Steven Kandarian said in a statement.

Created by the Dodd-Frank Act, FSOC is comprised of federal and state regulators and an independent insurance expert appointed by the President. SIFIs are 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,...

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