Banks are encountering new obstacles in their drive to market an innovative certificate of deposit that offers retirement savers a tax break and a guarantee of future income.

The latest salvo came from New Mexico's state insurance commissioner, who brought suit in federal court late last month to block sales of the so-called Retirement CD by First National Bank of Santa Fe.

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.