The Texas Bankers Association is suing the state's insurance regulator for barring banks from selling annuities anywhere except in small towns.

In a suit filed Oct. 8 in U.S. District Court for the Western District of Texas, the trade group accused the Texas Department of Insurance of ignoring the so-called Valic decision. In that case, the Supreme Court ruled that banks can sell annuities without interference from state regulators.

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