Efforts to modernize banking laws and regulations have not been nearly bold enough, said Comptroller of the Currency Eugene A. Ludwig.

In a speech on Friday to the Comstock Club, a Sacramento, Calif., public affairs group, Mr. Ludwig called for "a new paradigm for the financial services industry." He didn't say just what that paradigm would look like, but hinted that it should involve breaking down all barriers between the insurance, securities, and banking businesses.

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