The just-finalized operating-subsidiary, or op-sub, rule from the Office of the Comptroller of the Currency may dynamite the legislative logjam that has blocked financial services modernization for years.

Technically procedural in nature, the op-sub regulation could unleash a wave of applications from national banks that will trigger vast structural change throughout the financial services industry. In effect, this regulation could topple numerous dominos in the next Congress, even though many prefer slow, incremental change.

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