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Fed Official: May Tailor New Rules For Individual Nonbank Companies

By Kristina Peterson and Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. regulators may individually tailor new requirements mandating tougher oversight for nonbank financial companies, a Federal Reserve official said in remarks prepared for a congressional hearing Wednesday. New standards requiring financial companies to hold more capital, conduct "stress tests" and other tasks may be adjusted depending on a company's size, complexity and other factors, Michael Gibson, director of the Fed's division of banking supervision and regulation, said in testimony for Wednesday's hearing of a House Financial Services Committee panel. "Working out the exact details of how enhanced prudential standards will apply to nonbank financial companies will certainly require a thoughtful and iterative analysis of each designated company over time," Gibson said in his prepared opening statement. The Fed will give "careful consideration" to how long each nonbank company should have to make the transition to the new requirements, he noted. A new council of federal regulators last month finished setting out the three-step process it will use to spotlight some nonbank financial companies for tougher oversight. The council is expected to designate certain insurers, asset managers, hedge funds or other financial firms as "important" by the end of this year. In testimony prepared for the same hearing, Lance Auer, the Treasury Department's deputy assistant secretary for financial institutions, said the council will exercise its judgment as it considers the risks that each firm may pose to the financial system. Doing so will allow the council "to address the diverse range of business models among nonbank financial companies." Each firm, he noted, will receive "robust due process protections," including the opportunity for a court review. The 2010 Dodd-Frank financial-overhaul law automatically designates banks with at least $50 billion in assets as "systemically important" financial institutions but gives regulators broad authority to decide which nonbank financial firms pose risks. The designated firms must comply with new, more-stringent capital, risk-management and leverage standards and come under the supervision of the Federal Reserve. Even after regulators have decided a firm is "systemically important," they will continue to monitor and may tweak adjustments for each company as warranted, Gibson said Wednesday. Some nonbank financial companies have pushed back against the upcoming regulations, arguing they shouldn't be subject to a special level of federal scrutiny for large financial firms. A top executive at MetLife Inc. (MET), the biggest U.S. life insurer, said in his prepared testimony for Wednesday's hearing that his company doesn't pose a threat to the financial system. MetLife and Prudential Financial Inc. (PRU), the nation's largest life insurers by assets, are expected by analysts to earn the "systemically important" label. -By Kristina Peterson, Dow Jones Newswires; 347-882-7215; kristina.peterson@dowjones.com Order free Annual Report for Metalore Resources Ltd. Visit http://djnewswires.ar.wilink.com/?link=MET or call 1-888-301-0513 Order free Annual Report for PERSEUS MINING LTD Visit http://djnewswires.ar.wilink.com/?link=PRU or call 1-888-301-0513

Stock News for Metlife (MET)
DateTimeHeadline
09/01/201500:05:00MetLife Announces Chief Distribution Officer, Asia
08/31/201516:49:00MetLife Named Top 50 Company for Hispanic Women
08/24/201508:00:00“MetLife 3 R’s to Retirement” Campaign Tackles Teachers’ Retirem...
08/17/201516:21:52Current Report Filing (8-k)
08/17/201516:05:00MetLife Declares Third Quarter 2015 Preferred Stock Dividend
08/13/201516:07:35Current Report Filing (8-k)
08/06/201516:24:57Amended Statement of Beneficial Ownership (sc 13d/a)
08/04/201521:00:00MetLife Appoints Cindy Tang as Vice President and Head of Communications...
08/04/201516:17:09Statement of Changes in Beneficial Ownership (4)
08/04/201505:59:42With Copper Boom Slowing, Real Estate Firms Get Creative in Chile
08/03/201522:00:00MetLife Hong Kong Launches New Brand Campaign to Light up Hong...
08/03/201516:50:10AIG Raises Dividend as Operating Profit Rises
08/03/201508:00:00MetLife Premier Client Group of Wisconsin and the Upper Peninsula...
07/29/201517:30:02Current Report Filing (8-k)
07/29/201516:51:31MetLife's Operating Profit Rises 11%
07/29/201516:40:10MetLife's Operating Profit Rises 11%
07/29/201516:05:00MetLife Announces Second Quarter 2015 Results
07/28/201509:40:00Life Insurance Stocks Highlight -- Genworth Financial, MetLife...
07/23/201509:00:00MetLife Provides $505 Million Loan to Facilitate Refinancing...
07/20/201508:00:00MetLife Introduces QLAC for Qualified Individual Retirement Accounts

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