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Ruling that rescinded MetLife’s SIFI status made public

Joe Mont | April 7, 2016

A ruling that rescinded MetLife’s designation as a systemically important financial institution by the Financial Stability Oversight Council has been made public following an agreement to do so by both parties. U.S. District Judge Rosemary Collyer, in the now public March 30 opinion, determined that FSOC’s designation was “arbitrary and capricious,” that the process it engaged in failed to follow both internal guidelines and external guidance, and little or no effort was made to consider the costs and impairments MetLife would suffer as a result of the designation.

“FSOC made critical departures from two of the standards it adopted in its Guidance, never explaining such departures or even recognizing them as such. That alone renders FSOC’s determination...

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