First Union Corp. is trying to squelch rumors that it sabotaged regulatory relief legislation during a House Banking subcommittee vote two weeks earlier to protect its sweep account business.

Accusations are flying around Capitol Hill that lobbyists for the Charlotte, N.C., company encouraged Rep. Bill McCollum, R-Fla., to tack on a controversial amendment that would exempt 83% of the banking industry from the Community Reinvestment Act.

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.