FSOC Votes to Designate MetLife as a Non-Bank Systemically Important Financial Institution

The Financial Stability Oversight Council ("FSOC") voted to designate MetLife, Inc. as a non-bank systemically important financial institution.

In response to the designation, MetLife issued a statement expressing disappointment with FSOC's decision, explaining that it believes "MetLife is not systemically important under the Dodd-Frank Act's criteria, and the company has presented substantial and compelling evidence to FSOC to support this conclusion."

See: FSOC Readout from December 18, 2014 Meeting; FSOC MetLife Designation. See also: FSOC Proposes Preliminary Designation of MetLife as a Non-Bank Systematically Important Financial Institution (with Lofchie Comment) (September 4, 2014); SIFMA AMG and Other Associations Submit Petition to FSOC on Rulemaking Related to Supervision and Regulation of Non-SIFIs (August 20, 2014); Representative Maloney Recommends Changes to FSOC Designation Process (with Lofchie Comment) (August 4, 2014); SEC Commissioner Piwowar Slams FSOC (with Lofchie Comment) (July 15, 2014); House Financial Services Committee Schedules Markup of FSOC Bills (June 17, 2014) House Financial Services Committee Hearing: "Examining the Dangers of the FSOC's Designation Process and Its Impact on the U.S. Financial System" (with Delta Strategy Group Summary) (May 21, 2014) House Financial Services Committee Chairman Calls on FSOC to Cease and Desist (May 20, 2014); House Financial Services Subcommittee Chairmen Send Letter to FSB and FSOC Requesting Information on Methodologies Used to Designate G-SIFIs (with Lofchie Comment) (May 9, 2014); House Financial Services Committee Chairman Hensarling Urges Secretary Lew to Cease Using "Too Big to Fail" Designations (May 8, 2014) SIFMA Says Asset Managers Do Not Pose Systemic Risk (with Lofchie Comment) (May 7, 2014); Representative Garrett Questions the SIFI Designation Authority Granted to FSOC by Dodd-Frank (with Lofchie Comment) (May 6, 2014); FSOC Designates AIG and GE Capital as Systemically Significant (with Lofchie Comment) (July 10, 2013).