To the Editor:
In an Aug. 26 story, "Banks, Agents Cut Deal on Insurance Piece of Financial Reform Bill" (page 2), some comments of mine were taken out of context. My written statement said:
"While the N.Y. Bankers have made progress in their talks with the insurance lobby, bankers will be disappointed that agreement could not be reached to totally protect the Barnett decision which protects banks from discrimination when they retail insurance products. The negotiations also apparently left untouched the provisions of HR 10 which eliminate the OCC's judicial deference for OCC interpretations of national bank insurance sales. This language in HR 10 is totally unacceptable to bankers."
Kenneth A. Guenther
Executive vice president, Independent Bankers Association of America Washington