A federal appeals court in Chicago ruled Wednesday that the Office of the Comptroller of the Currency exceeded its authority in 1996 by allowing KeyCorp subsidiaries in neighboring states to merge.

The U.S. Court of Appeals for the Sixth Circuit essentially invalidated the so-called 30-mile rule, a loophole used in the early 1990s to circumvent a ban on interstate branching.

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.