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REFILE-Metlife could be labelled systemically important - Bloomberg
July 22, 2014 / 8:45 PM / 3 years ago

REFILE-Metlife could be labelled systemically important - Bloomberg

(Corrects spelling of “systemically” in headline)

July 22 (Reuters) - U.S. regulators are set to label Metlife Inc systemically important, subjecting it to stricter Fed oversight, Bloomberg said, 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, Bloomberg said. (bloom.bg/1rz1sJd)

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

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

Chris Stern, spokesman for Metlife, declined to comment on the matter. Officials from the U.S. department of treasury were not immediately available for comment. (Reporting By Sudarshan Varadhan; Editing by Joyjeet Das)

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