Prudential Financial Inc. plans to challenge its designation as a systemically important financial institution.
It declined to join American International Group and GE Capital as the first nonbank financial firms to be overseen by the Federal Reserve Board as systemically significant. Instead, it asked the FSOC to schedule a nonpublic evidentiary hearing on its appeal. Under the regulations, the FSOC has 60 days after the hearing to determine if it still wishes to designate Pru as a SIFI. If Prudential wants, it can then appeal to the courts. Pru announced its decision in a SEC filing Tuesday after the market closed.