The Federal Reserve Board has proposed new restrictions on bank subsidiaries despite pleas from other regulators to drop the project.

The proposal, issued Thursday, would apply sections 23a and 23b of the Federal Reserve Act to bank subsidiaries engaged in activities that their parents may not undertake. Comments are due Sept. 3.

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.