On the heels of last week’s announcement that life insurer Genworth Financial Inc. is ineligible to receive funds as part of the U.S. Treasury Department's Capital Purchase Program, another big-name insurer is now out of the ring—this time, voluntarily.

MetLife Inc., which has been a federally chartered bank holding company since launching MetLife Bank, N.A. in 2001, has elected not to participate in the program.

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