The lead lawyer for the Comptroller's Office said Wednesday that the latest version of Rep. Jim Leach's sweeping financial services legislation would let states ban bank insurance sales.

Julie Williams, the agency's chief counsel, said in an interview that the new bill effectively eliminates the gains the industry won in the Supreme Court's Barnett Bank decision. In that March 26 ruling, the justices said banks can sell insurance from small towns.

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.