The Financial Stability Oversight Council, designed under the 2010 Dodd-Frank Act to identify risks to the stability of the financial system, labeled Prudential Financial as a risky nonbank financial company last Thursday.
Prudential, AIG and MetLife were among nine insurance companies listed as globally systemically important insurers by the Financial Stability Board. Now, Prudential is requesting regulators to appeal the "systemic" label.
"The company had requested an oral hearing, which the council granted and which was required to be held within 30 days of that request," said Treasury spokeswoman Suzanne Elio.
"Even if Prudential wins its appeal, which seems unlikely, it potentially would still have to fight the designation on longer-term basis, some observers say," writes American Banker's Donna Borak
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