NEW YORK (AP) — MetLife Inc. says the Federal Reserve has blocked its plans to increase its dividend and buy back shares.
The insurance company says it needs approval from the Fed for the plans because of its ownership of Metlife Bank, which takes deposits and makes home loans.
The Fed concluded that the company's plans should be tested under the next round of stress tests, scheduled for next year, the insurer says.
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It's not the first time the Fed has blocked such plans. Earlier this year it blocked a similar effort by Bank of America Corp.
MetLife said earlier this month it is trying to sell its banking unit's mortgage business, because it takes resources away from its insurance and employee benefits businesses.
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