WASHINGTON - Rep. John Dingell is urging regulators to withdraw a new rule that permits some state banks to continue underwriting insurance outside their home states.

The powerful Michigan Democrat said the Federal Deposit Insurance Corp.'s rules, which took effect Wednesday, are much more lenient than Congress intended when it passed last year's banking law.

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.