October 17, 2018 / 12:46 PM / 2 months ago

U.S. removes 'systemic' oversight from Prudential Financial

WASHINGTON, Oct 17 (Reuters) - A U.S. regulatory council announced on Wednesday it had removed the systemically risky label from Prudential Financial, freeing the insurance company from more rigorous oversight by the Federal Reserve.

The decision by the Financial Stability Oversight Council could cut regulatory costs at Prudential, which no longer will have to meet enhanced capital and liquidity standards and comply with Fed regulators.

“We are pleased with this decision, which affirms our longstanding belief that Prudential never met the standard for designation,” the company said in a statement. (Reporting by Pete Schroeder Editing by Susan Thomas)

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