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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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MetLife Remains 'Too Big to Fail' For Now
One year ago, a federal judge overturned the Financial Stability Oversight Council’s designation of MetLife Inc. as “too big to fail.” The FSOC had attached the label to MetLife and other non-bank financial firms, including Prudential Financial, General Electric and American International Group. [Fortune, 3/3/016] As expected, the FSOC appealed that ruling.
However, on Wednesday, a federal appeals court said that it will be months before it can listen to arguments in the case. First, Treasury Secretary Steven Mnuchin must issue a report on how the Trump administration defines “too big to fail.” What mankes Mnuchin's decision much difficult is the fact that the FSOC and the designation are relatively new – both were established by Dodd-Frank in 2010.
The federal court ordered both parties in the case (FSOC and MetLife) to file motions on the case’s future by 11/17/17 or within 30 days after Mnuchin issues his report. That said, many observers expect Donald Trump to order the government to withdraw its appeal.
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