WASHINGTON - Charles Schwab Corp. won Federal Reserve Board approval Monday to acquire U.S. Trust Corp.The $2.7 billion deal is expected to close by June 30, and would create the first financial conglomerate under the Gramm-Leach-Bliley Act.

In its 23-page decision, the Fed steered clear of controversy. The agency did not impose any special capital conditions on Schwab, saying the huge discount brokerage exceeds "relevant requirements."

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