The Financial Stability Oversight Council, or FSOC, could vote on whether to remove Prudential Financial Inc.'s "systemically important financial institution" designation at an Oct. 16 meeting, Bloomberg News reported, citing a person familiar with the matter.

The U.S. regulator in charge of labeling companies as too big too fail has been considering removing Prudential Financial's tag for months, according to the report. The insurer is the only nonbank entity to carry the label after fellow insurers American International Group Inc. and MetLife Inc. shed theirs in recent years.

The FSOC's meeting agenda includes an update on the annual reevaluation of the designation of a nonbank financial company.

In September, Prudential Financial President and CEO John Strangfeld Jr. expressed optimism that the council will soon remove the tag, which he said was "inappropriately" applied to the insurer.

A U.S. Department of Treasury spokeswoman did not immediately respond to Bloomberg's request for comment, and a Prudential Financial spokeswoman declined to comment.