Although Prudential will continue to be overseen by state regulators, the move will free the company from extra costs it faced to comply with Financial Stability Oversight Council requirements. During an earnings call last year, the company said it spent $135 million in 2016 on reporting or activities related to being a systemically important financial institution. Executives have said over the last year that they didn’t think Prudential would continue to be designated as it saw competitors lose the label.

Source: Los Angeles Times October 17, 2018 21:33 UTC