WASHINGTON -- The Federal Reserve Board ruled yesterday that the securities affiliate of Norwest Corp. can underwrite and deal in unrated municipal revenue bonds, a move that would benefit small issuers as well as banks, according to a banking official.

The Fed also agreed to allow subsidiaries of Norwest Corp. to "crossmarket" for the first time both banking and securities services to customers as long as certain disclosures are made.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.