UPDATE 1-Metlife could be labelled systemically important - Bloomberg

Tue Jul 22, 2014 7:02pm EDT

(Adds Treasury declines comment)

July 22 (Reuters) - U.S. regulators are set to label Metlife Inc systemically important, subjecting it to stricter oversight by the U.S. Federal Reserve, Bloomberg reported, citing two people familiar with the matter.

The Financial Stability Oversight Council (FSOC) could make the decision on July 31, when it is likely to meet, according to the Bloomberg report. (bloom.bg/1rz1sJd)

The vote could, however, be delayed as the council has not formally closed its review of the insurer, which has been under consideration for being labelled systemically important for more than a year, according to the Bloomberg report.

MetLife would have 30 days to request a hearing before the FSOC to contest the decision. The regulators would then hold a vote to make a final decision about designating MetLife.

Chris Stern, spokesman for Metlife, declined to comment. Treasury Department spokeswoman Suzanne Elio also declined to comment. (Reporting By Sudarshan Varadhan; Editing by Joyjeet Das and Andrew Hay)

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