WASHINGTON — A sharply critical ruling by a federal judge against the Financial Stability Oversight Council's process for designating the insurance firm MetLife as a systemically risky nonbank could have a broader impact that undermines the role of the interagency council.

Judge Rosemary Collyer's decision, which was unsealed Thursday, said the FSOC "ignored or, at least abandoned" key aspects of its own rules and governing statute in designating MetLife.

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