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WASHINGTON, March 27: Federal Reserve Governor Mark Olson on Thursday endorsed legislation that would make it easier for banks to open branches in other states.
“The creation of new branches helps maintain the competitiveness and dynamism of the American banking industry and improve access to banking services in otherwise underserved markets,” Olson said in prepared testimony to the House Financial Services Committee.
Under rules that apply in 33 states and the District of Columbia, most banks are required to buy a bank in a new state before opening branches there. Federal savings associations are not bound by this restriction.—Reuters
