A federal judge on Monday struck down a New York law that barred national banks in small towns from selling insurance to their loan customers.

Judge Michael A. Telesca of the U.S. District Court in Rochester, N.Y., said he invalidated the state law because it "significantly interferes" with the right of banks to sell insurance.

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.