FSOC To Change Process Of Designating Big Firms For More Oversight

A group of federal regulators said Wednesday night they will change the process by which they subject large financial institutions to additional oversight. The Financial Stability Oversight Council said it will inform companies earlier when they are being reviewed, that it will make more available information public and do more engagement during annual reviews of the designations. MetLife has sued the government over its designation as being a systemically important financial institution. Prudential Financial , American International Group and General Electric also have been designated as systemically important.