Today's News

WASHINGTON

TRADE GROUPS agreed to ask Congress to prohibit thrifts from shifting deposits to bank affiliates until Jan. 1, 2000. Page 2

AFTER 11 YEARS as an FDIC lawyer, three of which she spent chasing bankers who bilked their institutions, Arleas Upton Kea became the agency's ombudsman and has had to adjust. Page 2

COMMUNITY BANKING

A MAVERICK INVESTOR appears to be gearing for a fight over a Cleveland thrift. He has demanded a copy of its shareholder list. Page 8

GETTING THE MOST out of a consultant's expertise entails making a good hire, establishing clear objectives, and being diligent about implementing a strategy, columnist Paul S. Nadler writes. Page 8

REGIONAL BANKING

GROWING TRADE between India and the United States has fueled a new strategy for American expansion, says Gordhan Kathuria, Bank of India chairman. The bank plans to open a third U.S. office in Houston and add 50 U.S. correspondent banks, and is discussing setting up strategic alliances with a U.S. fund manager and an insurance company, he said. Page 6

WOMEN ARE BEING hired and trained in the business world, but whether they are succeeding within the corporate culture is another matter, a Bankers Trust executive says. Page 7

MORTGAGES

AMRESCO of Dallas plans to buy Quality Mortgage USA, a subprime loan originator with a branch network, and its parent company, Calmac Funding. Page 11

AN ARBITRATION case involving Merrill Lynch and two sisters who invested in a collateralized mortgage obligation raises anew the question of who should buy mortgage-backed securities. Page 11

INVESTMENT PRODUCTS

INSURANCE: BankAmerica has launched a mass-marketing campaign, pitching life insurance through the mail, ATMs, and the Internet. Page 12

PHOENIX DUFF & Phelps has seen slow but steady progress in selling mutual funds and annuities through banks. Page 15

CREDIT/DEBIT/ATMs

FINGERHUT plans to spin off its financial services unit in the lucrative fourth quarter, when consumers' holiday spending peaks. Page 16

THE GOLDFISH CARD is the first offering from a joint venture of Household International and a British utility company. Page 16

TECHNOLOGY

CHASE MANHATTAN's auto financing division has begun using the Internet to provide dealerships with loan-approval decisions. Page 18

FINANCE

ASSET-BACKED securities woke up last week - with issues of credit card receivables leading the way. Page 22

NATIONSBANK plans to come to market today with about $1.4 billion in subordinated debt to finance its acquisition of Boatmen's Bancshares. Back page

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