The Financial Stability Oversight Council (FSOC) has recently designated Prudential Financial, Inc. as a nonbank financial company that should be subject to consolidated supervision and enhanced prudential standards under Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (also referred to as a systemically important financial institution or “SIFI”). Prudential has 30 days to challenge the designation.
The designation does not constitute a determination that the company is currently experiencing material financial distress. In July 2013, FSOC designated American International Group, Inc. and General Electric Capital Corporation, Inc. as SIFIs.
To read FSOC’s press release, click here.
To read Prudential’s press release, click here.