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MetLife Too-Big-to-Fail Case on Hold

Posted By Administration, Wednesday, May 24, 2017

A year or so ago U.S. District Judge Rosemary Collyer said MetLife is not too-big-to-fail and that the Financial Stability Oversight Council (FSOC) was wrong in giving it the significantly important financial institution (SIFI) designation.

The Obama administration run Justice Department filed an appeal.

President Trump is skeptical about the designation and has ordered Treasury Secretary Steven Mnuchin — who heads the FSOC — to look again at the designation that the judge called “arbitrary and capricious.”

In the meantime, the Justice Department under Jeff Sessions has asked the judges on the appeals court for a 60-day delay on the case. That has been granted.

By the way, during all this legal wrangling, MetLife does not have to wear the SIFI label.

 

Source link: Insurance Journal

Tags:  Insurance Content  Insurance Industry  Insurance News  Insurers & the too Big to Fail Designation  MetLife  MetLife Too-Big-to-Fail Case on Hold  Weekly Industry News 

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