The Federal Reserve Board gave Banc One Corp. permission Monday to underwrite commercial securities though its section 20 subsidiary.

Banc One Capital Corp. previously could only underwrite and sell municipal revenue and general obligation bonds. The Fed's order allows the subsidiary to move beyond these so-called Tier 1 powers and offer Tier 2 services.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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