Today's News

SPECIAL REPORT

Profits remain skimpy for the mortgage industry, though the most efficient companies are prospering. As the annual MBA convention continues in New York, lenders are reshaping themselves in a scramble for survival. The outlook is for continued consolidation, most experts agree. Supplement

WASHINGTON

Industry officials and regulators are urging the Federal Reserve Board to withdraw a proposal that would place new restrictions on bank subsidiaries. Page 2

REGIONAL BANKING

People who work for technology companies are hot commodities in the financial services job market. Page 7

Taking advantage of turmoil at hometown rival Signet, Richmond, Va.- based Crestar Financial has launched an equipment leasing subsidiary. Page 7

COMMUNITY BANKING

A Massachusetts community bank is breaking ground by offering low- interest loans for disabled people with special needs. Page 8

INVESTMENT PRODUCTS

Central Carolina Bank executives say they are happy they decided two years ago to drop their in-house brokerage business and use a third-party marketer, Invest Financial. Page 10

INSURANCE: Fueled by a resurgence of fixed annuities, bank sales of all annuities rose 14% in the second quarter. Page 12

MORTGAGES

Mortgage rates are at their lowest since early 1996, leading to speculation that another refinancing boom is on the horizon - and that servicers could suffer. Page 13

HUD Secretary Andrew Cuomo says he is committed to introducing long- awaited mortgage lending guidelines soon. Page 15

CREDIT/DEBIT/ATMs

Visa U.S.A. said it is providing discounts and value-added packages at 18 hotels worldwide with its gold cards. Page 19

TECHNOLOGY

A group of state government associations has asked the National Automated Clearing House Association to develop a certification process for electronic transactions. Page 20

CORPORATE FINANCE

Nestled quietly within BankAmerica is a buyout business that has thrived by thinking small. Page 23

MARKET MONITOR

California thrift stocks soared Monday on news of H.F. Ahmanson's announced acquisition of Coast Savings Financial. Page 30

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