The Fed approved more securities deals for banks.

Six big banks received conditional approval to broaden their securities dealing activities, provided a court challenge to such additional powers is settled. The Federal Reserve backed dealing in a new type of security called consumer-receivable-related securities for Los Angeles-based Security Pacific Corp. and for Chemical New York Corp., Chase Manhattan Corp., Citicorp, Bankers Trust New York Corp. and Manufacturers Hanover Corp., all of New York.