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Prudential escapes SIFI tag, enhanced regulatory oversight

Joe Mont | October 29, 2018

At its recent October meeting, the Financial Stability Oversight Council announced that it has rescinded its previous determination that material financial distress at Prudential Financial, Inc., could pose a threat to U.S. financial stability. 

Prudential, the largest life insurance organization in the U.S., is the last non-bank to shed the post-Financial Crisis designation as a systemically important financial institution, a list that once included GE Capital, American International Group, and MetLife.

The designation of the insurance giant as a SIFI was in accordance with a process mandated by the Dodd-Frank Act. On Sept. 19, 2013, the FSOC made a final determination that “material financial distress at Prudential could pose a threat to U.S. financial stability” and that the firm shall be subject to supervision by the Board of Governors of the Federal Reserve System and...

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