July 21, 2017 / 9:53 PM / 7 months ago

U.S. financial regulators to discuss Metlife lawsuit on July 28 -Treasury

WASHINGTON, July 21 (Reuters) - Heads of the U.S. financial regulatory agencies will meet behind closed doors next Friday to discuss MetLife Inc’s lawsuit against them, according to a notice from Treasury, as the Trump administration wrestles with reforms arising from the financial crisis.

The regulators, who make up the Financial Stability Oversight Council, and MetLife both asked earlier this month for another pause in the long-running case in which the country’s largest life insurer has challenged the federal government’s labeling of it as “too big to fail.”

More than a year ago, U.S. District Judge Rosemary Collyer struck down the FSOC’s designation of MetLife as “systemically important,” which signifies it could devastate the financial system if it failed and triggers stricter oversight, saying the label was “arbitrary and capricious.” The administration of former President Barack Obama, a Democrat, immediately appealed. (Reporting by Lisa Lambert; Editing by Tom Brown)

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