Senate Banking Committee Chairman Alfonse M. D'Amato Wednesday criticized Comptroller of the Currency Eugene A. Ludwig's decision to let banks enter new businesses through subsidiaries.

"In addition to being unwise, the comptroller's action is ill-timed," he said in a prepared statement. The decision will detract from the "emerging consensus in favor of comprehensive reform," he said, and "can only lead to controversy and protracted litigation."

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.