Lawmakers and industry officials urged Congress on Wednesday to make it easier for state-chartered banks to branch across state lines, insisting that the future of the dual banking system is at stake.

"Current law creates an artificial, unintended incentive to choose a national bank charter," New Jersey Deputy Banking Commissioner John Traier told the House Banking Committee's financial institutions subcommittee.

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.