MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

April 18, 2016

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial institution (SIFI). Beyond its impact on MetLife, the court’s opinion raises significant issues for any future SIFI designations by FSOC, and for financial regulatory agency actions more generally. Further, this decision may change the regulatory climate interested parties have encountered before FSOC and other financial regulatory agencies since the Dodd-Frank Act was enacted. The decision may also significantly change the litigation calculus for parties that are considering a possible court challenge to the regulatory actions of such agencies.

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