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Banking

March 10, 1994|From Times Staff and Wire Reports

Panel Backs Lifting of Interstate Banking Restrictions: Legislation relaxing decades-old restrictions on interstate banking passed the House Banking Committee over complaints that it would permit big banks to ignore the poor. The panel endorsed the bill 50 to 1. But that came after a 34-16 vote defeating an amendment that would have required interstate banks to offer the poor either a low-cost checking account or a low-cost check-cashing service. On a 34-17 vote, the committee rejected forcing banks expanding across state lines to improve their services to the poor and minorities. The legislation, in stages, would relax interstate restrictions dating back to the 1920s.

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