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MetLife Officially Challenges SIFI Designation

Joe Mont | October 6, 2014

As expected, MetLife is formally contesting its designation as a non-bank Systemically Important Financial Institution by the Financial Stability Oversight Council. In an 8-K filing with the Securities and Exchange Commission, MetLife disclosed that it has notified FSOC of its request fo a written and oral evidentiary hearing to contest the proposed determination. The Council will schedule a hearing within 30 days and make a final determination within 60 days after the hearing.

FSOC, comprised of federal and state regulators and an independent insurance expert appointed by the President, uses the following criteria when evaluating whether an entity poses systemic risk: having at least $50 billion of total assets, $30 billion in outstanding credit default swaps, $3.5 billion in derivative...

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