Fed Gives MetLife More Time To File 'living Will'

Regulators on Thursday gave MetLife Inc. a six-month extension to file a "living will." Under the ruling by the Federal Reserve and the Federal Deposit Insurance Corp., MetLife will submit its first resolution plan on Dec. 31, 2016. "Living will" plans, designed by companies with oversight from regulators, lay out a path that would allow the companies to declare bankruptcy if necessary without taxpayer assistance. MetLife is challenging in federal court its designation as a nonbank "systemically important financial institution" by a panel of regulators. Companies labeled SIFIs must file living wills.