WASHINGTON — A House panel approved a bill Thursday that would allow Emigrant Bank of New York to avoid higher capital standards imposed by the Dodd-Frank Act.

The 35-15 vote by the House Financial Services Committee followed a story by American Banker about campaign contributions from Emigrant chief executive officer Howard Milstein and members of his family to four of the legislation's New York City-area co-sponsors.

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.