Today's News

WASHINGTON

House Banking Committee Chairman Jim Leach said he would ask GOP leaders for a vote soon on his Glass-Steagall repeal bill, after getting a qualified endorsement from the Bankers Roundtable. Page 2

Federal and state regulators agreed to coordinate oversight of state- chartered banks operating across state lines. Page 2

Banking trade group officials make the case for not rushing to judgment on a bank contribution to rescuing the thrift insurance fund, and a Treasury official reiterates his call for urgent action. Page 4

REGIONAL BANKING

Real estate specialist Barry Libert says the information age is causing a long-term decline in a core bank asset, commercial real estate, by eroding the need to work in an office. Page 6

First Chicago NBD almost gave away the bank last week. More than 800 customers each got an extra $924.8 million in their checking accounts - apparently because of a computer programming error. Page 6

CREDIT/DEBIT/ATMs

Visa U.S.A. president Carl Pascarella prefers not to respond - at least not in kind - to recent overtures made by American Express Co. chairman Harvey Golub to credit card banks. The card association executive said his job is to keep focused on the right strategy for Visa, not to play defense against American Express. Page 13

COMPLIANCE

Watch your salespeople or face the consequences was the message for compliance officers in an FDIC survey of investment product sales practices. Page 10

Responding to vehement industry complaints, the Federal Reserve Board backed off a plan to force banks to disclose debt-cancellation fees. Page 11

COMMUNITY BANKING

A highly regarded Southern California business bank, Professional Bancorp, is facing an unexpected proxy challenge from Cincinnati. Page 12

MORTGAGES

Mortgage lenders, who have devised many methods of dicing up loans for sale to investors, are now poised to repackage a slice of the business they have always retained: the servicing income. Page 17

Mortgage bankers expect better business this year than last, according to a survey, but most say the economy is in trouble. Page 17

INVESTMENT PRODUCTS

About 65% of the affluent people contacted in a survey for U.S. Trust said their biggest fear is that inflation would erode their retirement nest eggs. Page 19

TECHNOLOGY

Five ferociously competitive technology outsourcing firms faced off at the Solutions '96 conference, but their main point of contention was to see who could be the most polite. Page 20

Commerce Bancorp said more than 10,000 of its 200,000 customers have used a PC-based home banking service in the five months since its introduction. Page 20

FINANCE

Short-selling in shares of First Bank System jumped 64.8% in the month ended May 15 while falling at most other banks. Back page

Southern National came to market with a $250 million issue of subordinated notes 14 months after its merger with BB&T. Back page

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