Prudential Financial Will Not Seek to Rescind Designation for Non-Bank Systemically Important Financial Institution
Prudential Financial, Inc. (NYSE: PRU) announced today that, after careful review, it will not seek to rescind the designation of the company as a non-bank systemically important financial institution by the Financial Stability Oversight Council (FSOC). The company will continue to work with the Board of Governors of the Federal Reserve System and other regulators to develop regulatory standards that take into account the differences between insurance companies and banks, particularly in the use of capital, and that benefit consumers and preserve competition within the insurance industry.
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