Today's News

WASHINGTON

Despite a snub from party leaders, Rep. Henry Gonzalez held on to his seat as the House Banking Committee's ranking Democrat. With an emotional appeal to House Democrats, the 80-year-old Texas lawmaker beat back challenges from Reps. John LaFalce of New York and Bruce Vento of Minnesota. Page 3

The National Credit Union Administration released a 19-page document to clarify its new membership rules, which allow occupation-based credit unions to serve an entire profession. Page 3

REGIONAL BANKING

Glendale Federal has deal to put at least 20 branches in Kinko's copy shops in California. The thrift is looking for entree to the chain's small- business customers. Page 4

A former credit officer suing Chicago's Northern Trust claims he was fired for refusing to alter evidence in a Justice Department investigation into loan bias. Page 4

COMMUNITY BANKING

A California thrift holding company is selling off the car leases and loans of a recently acquired thrift. Bay View Capital plans to turn it into a finance company. Page 6

CREDIT/DEBIT/ATMs

A computer theft at a Visa processing center suggests security procedures are inadequate, MasterCard says. The PC's memory held records on hundreds of thousands of credit card accounts. Page 8

The ever-secretive Capital One opened a tiny window on its plans for growth outside credit cards. The issuer said it has been marketing cellular phone services in some areas under a different name. Page 8

INVESTMENT PRODUCTS

State Street Boston will administer a new 401(k) program for Roadway Express, the latest company to join the bank's six-month-old partnership with the teamsters' union. Page 10

Bank of New York has a new flashy advertising campaign touting its sweep accounts. Page 11

TECHNOLOGY

Chase Auto Finance has formed an exclusive Internet relationship with Auto-By-Tel to provide on-line financing. Page 13

MORTGAGES

THOUGH HE'S BUILT Charter One Financial dramatically through acquisitions, Bud Koch has remained strongly focused on the thrift's bread- and-butter business - home loans. Page 14

Residential lenders have joined other financial services companies in opposing the Financial Accounting Standards Board's latest proposal on derivatives reporting. Page 14

CORPORATE FINANCE

Commercial banks have jumped into the high-yield bond market with gusto, emerging as some of the most active lead managers in recent weeks. Page 21

Corporations that want to be sure their banks are making the grade could take a lesson from Charles Schwab. the brokerage firm is so intent on monitoring its banking relationships that it hands out annual report cards. Page 21

MARKET MONITOR

Rumors are flying hot and heavy that ABN Amro, the Dutch bank that owns Chicago's LaSalle, is seriously shopping for Standard Federal Bank of Troy, Mich. Back page

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER