MetLife designated a non-bank SIFI; not pleased


"MetLife (NYSE:MET) strongly disagrees with the Financial Stability Oversight Council's preliminary designation of Metlife as a SIFI," says CEO Steven Kandarian. "MetLife is not systemically important under the Dodd-Frank Act criteria. In fact, MetLife has served as a source of financial strength and stability during times of economic distress, including the 2008 financial crisis."

At the moment, the SIFI designation would impose capital rules designed for banks on the insurer.

Met ins't ruling out any remedies available to it - for now, the company has 30 days to request a hearing before the FSOC to contest its designation.

The SIFI determination can hardly be a surprise given Prudential has also been deemed such, and Met's shares are unchanged in fairly active after-hours action.

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Comments (1)
  • Danlar
    , contributor
    Comments (32) | Send Message
     
    Metlife made it difficult for me to roll over my 401k held with them. I did all the paper work they asked for then they kept asking for more. Finally I had to walk into the office and just yell at them to get my $. Do I feel sorry for them for having to keep more cash on hand? no
    5 Sep 2014, 12:09 AM Reply Like
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