Filed Under:Your Practice, Regulatory

Fed briefs Council on enhanced SIFI standards

No news yet on MetLife, which has been lingering in Stage 3 review since mid-July

Mary Miller, acting deputy secretary and under secretary for domestic finance (Courtesy Treasury.gov)
Mary Miller, acting deputy secretary and under secretary for domestic finance (Courtesy Treasury.gov)

Acting Deputy Treasury Secretary Mary Miller today convened a meeting of the Financial Stability Oversight Council (FSOC) in a closed session at the Treasury Department that made no apparent movement toward designating MetLife a systemically important financial institution (SIFI) as it is expected to do at a later date.

MetLife has been under Stage 3 review consideration as a nonbank SIFI for about six months now. Today's FSOC meeting shows that the book on MetLife is not closed on it yet, indicating the controversial "run on the bank" scenario roadmap provided by AIG and Prudential Financial, designated last year, may not be the same as used for MetLife. 

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Nichole Morford

Nichole Morford
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