MetLife Appeals 'Too Big to Fail' Tag Due to Restrictions, Costs

MetLife is challenging its U.S. designation as a company that is 'too big to fail.' The company said Tuesday that it will file with the U.S. District Court for the District of Columbia to overturn the Financial Stability Oversight Council's designation of MetLife as a non-bank, systemically important financial institution. The designation means MetLife would be subject to stricter guidelines from federal overseers, coming under supervision of the Federal Reserve instead of New York state, which has been its primary regulator. The company also says falling under that class would mean increased, exorbitant costs. Other non-bank entities on the list are American International Group, General Electric's finance arm and Prudential Financial.