WASHINGTON - Bank holding companies shouldn't have to use nonbank subsidiaries to exercise new retail brokerage powers, a top industry lobbyist told Congress last week.

"We have always believed, with respect to retail activities - say a retail brokerage - that you should have the option to do it as a subsidiary (of a banking unit), because retail activities have very little risk," said Edward L. Yingling, executive director for government relations for the American Bankers Association.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.