Today's News

July 22, 1997, 1:00 a.m. EDT 1 Min Read

WASHINGTON

A plan that would significantly expand IRAs is expected to be diluted during upcoming negotiations between lawmakers and the White House. Page 2

A former banker is trying to create a virtual trade group on the Web for compliance officers at banks, insurance companies, and securities firms. Page 4

MORTGAGES

Mortgage-backed securities are becoming more mainstream as banks, insurers, and pension funds make them key components of portfolios. Page 6

Some investment bankers are saying that Headlands Mortgage may be on the auction block. Page 7

REGIONAL BANKING

Provident Financial turned in one of the best performances among small to midsize regional banks in Ohio. Page 8

A small but growing number of bankers are focusing on loans to religious organizations. Page 9

CORPORATE FINANCE

Regulators worry about new trends in the structuring of syndicated credits, the deputy comptroller for risk evaluation said at an American Banker symposium. The levels of default risk remain manageable, said G. Scott Calhoun, but "we remain concerned where the pricing does not appear to adequately reflect risk." Page 11

High-yield bonds underwritten by commercial banks could carry wider spreads than those handledby investment banks, a recent Merrill Lynch studyconcluded. Page 11

COMMUNITY BANKING

In a first for Pennsylvania, Kishocoquillas Valley National Bank is buying an insurer. Page 10

A federal judge rejected Capital Cities/ABC's request for relief from a $10 million libel award to a Florida bank and its chairman. Page 10

INVESTMENT PRODUCTS

INSURANCE: QuickQuote, a Nevada companythat offers Internet quotes and comparisons for term life insurance and fixed annuities, says it is establishing itself with banks. Page 19

CREDIT/DEBIT/ATMs

Making a rare addition to its palette, American Express introduced a credit card of a new hue-blue-directed at young people worldwide. Page 22

TECHNOLOGY

Meca Software plans to expand on Aug. 1the technical support it offers for on-line bankingprograms. Page 26

MARKET MONITOR

A DEAL to acquire Oppenheimer & Co. would be typical of CIBC Wood Gundy, but the Canadian firm could face an outflow of talent, some analysts warn. Page 34

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TRENDING

Earnings

Key is downbeat on U.S. economy, upbeat on its own outlook

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By John Reosti

11h ago
Commercial lending

Texas Capital reports 53% jump in criticized loans, plans for more

The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.

By Allissa Kline

April 18
Earnings

How loan-hungry Ally is preparing for the Fed's upcoming speed limit

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

By Polo Rocha

April 18

MORE FROM AMERICAN BANKER

Earnings

Key is downbeat on U.S. economy, upbeat on its own outlook

The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.

By John Reosti

11h ago
Commercial lending

Texas Capital reports 53% jump in criticized loans, plans for more

The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.

By Allissa Kline

April 18
Earnings

How loan-hungry Ally is preparing for the Fed's upcoming speed limit

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

By Polo Rocha

April 18
House Financial Services Leadership

House banking panel advances measures to nullify credit card, ESG rules

The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.

By Claire Williams

April 18
Commercial lending

After bruising quarter, Synovus sees credit stability ahead

Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.

By Jim Dobbs

April 18
Payments

Discover cuts its profit to resolve its old merchant missteps

Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.

By Kate Fitzgerald

April 18