Today's News

WASHINGTON

Federal regulators endorsed a wholesale revamping of the Truth-in- Lending and Real Estate Settlement Procedures acts but stopped short of recommending abolition of either law. Page 2

House Commerce will dig into financial reform legislation with a subcommitee hearing Thursday featuring 10 federal and state financial regulators. Page 2

CORPORATE FINANCE

Banks are lining up to work with PhyCor Inc., a physician practice management company. Page 8

MORTGAGES

HOME EQUITY: The grand plans of Preferred Credit Corp. have gone up in smoke amid borrower complaints, threats from regulators, and allegationsof fraud. Page 10

MGIC Investment, the nation's largest mortgage insurer, reported earnings for the second quarter rose 28.5%, to $80.6 million. Page 11

TECHNOLOGY

CSC will soon rank with IBM and EDS as a recognizable acronym in banking technology if Thomas Madison has anything to say about it."We decided to make a strategic commitment to the financial services," he says. "We see tremendous oppor-tunity." Page 18

Fair, Isaac risk software will be added to Total System's credit card marketing product. The idea is to measure the risks associated with targeting specific customers. Page 19

INVESTMENT PRODUCTS

Bank brokers found themselves working harder last year to pull in revenue as they handled a higher volume of transactions that were worth less. Page 12

Federated Investors is launching a college savings plan with a kicker: a discount on tuition. Page 12

CREDIT/DEBIT/ATMs

The Smart Card Forum has hired an executive director with long experience running trade groups. Page 16

COMMUNITY BANKING

If you want to sell your bank, when should you announce it? A Florida move raised eyebrows. Page 20

Bank of Los Angeles' holding company has its third acquisition deal in as many years. Page 20

MARKET MONITOR

Fannie Mae and Freddie Mac posted record second-quarter results. Page 26

Bank stocks may be losing some of theirallure on Wall Street, even as strong earnings continue to roll in. Back page

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