Bank of New York Co. got permission Wednesday from the Federal Reserve to underwrite equity and debt.

The banking company had established a so-called section 20, or investment banking, subsidiary last June, through which it was allowed to underwrite and deal in municipal revenue bonds, mortgage-related securities, and commercial paper and consumer-receivable-related securities.

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.