N.Y. state banks got broader powers.
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State banking regulators have given some of the nation’s biggest banks more leeway for involvement in the highly coveted area of securities underwriting under a recent interpretation of state law. In a ruling requested by Bankers Trust Co. and Morgan Guaranty Trust Co., banking superintendent Jill Considine said state-chartered banks may form units that underwrite corporate securities, which the banks may not underwrite under state and federal law.
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