Today's News

WASHINGTON: DEPOSITS COULD flood into banks under a just-introduced Senate bill that would exempt all savings from taxation. Page 2 FINANCIAL SERVICES companies can breathe easier in the wake of last week's Supreme Court decision that Congress acted unconstitutionally in trying to reinstate scores of securities fraud suits dismissed by federal courts. Page 4 INVESTMENT PRODUCTS: SHAWMUT NATIONAL Corp. has entered the life insurance business in Massachusetts through the sale of a low-priced policy that traditionally was off-limits to commercial banks. Page 7 MANY BANK investment sales programs are having trouble receiving referrals from retail branch personnel and it's costing them business, some experts say. Page 8 COMMUNITY BANKING: BANK OF OKLAHOMA, the Sooner State's biggest wholesale bank, is remaking itself along super community lines. Page 9 STATE-CHARTERED banks earned a record $20.1 billion in 1994, outpacing the growth rate for all banks insured by the Bank Insurance Fund, the nation's trade association for state regulators reported. Page 9 MORTGAGES: THE NEW CEO of California's Victoria Mortgage is convinced that now is the time for mortgage companies to buck the acquisition trend and begin "putting seeds in the ground." Page 11 CREDIT/DEBIT/ATMs: IT WAS "hear no saturation, see no saturation, speak no saturation" at a cobranded-card marketing conference last week in Chicago. Page 13 CSG CARD Services, a division of the Credit Union National Association, has purchased a license to use Banc One's much-publicized Triumph software for its processing operations. Page 13 TECHNOLOGY: AFFILIATED Computer Services announced a restructuring of business lines in order to better focus on banking and electronic funds transfer services, the outsourcing firm's fastest-growing market segment. Page 16 THE SOCIETY for Worldwide Interbank Financial Telecommunications will vote soon on a much-debated proposal to give nonfinancial firms access to its payment messaging network. Page 17 FINANCE: THERE IS an increasing call on Wall Street for banks to improve disclosure of consumer loan quality. Back page DESPITE THE WAVE of derivatives debacles in the past year, few corporations have actually reduced their use of the financial instruments, a new study concludes. Back page