Today's News

WASHINGTON

The Supreme Court appeared to reject arguments by a former banker that the government may not fine him and criminally prosecute him for the same offense. Page 2

Twenty-three House Banking members asked for a delay in proposed derivatives accounting rules, which they said might distort earnings, discourage prudent risk management, and disclose sensitive data to competitors. Page 2

REGIONAL BANKING

Astoria Financial is moving swiftly to consolidate back-office computer systems and administrative functions now that its acquisition of Greater New York Savings Bank has closed. Page 7

INVESTMENT PRODUCTS

Ameritrade kicked off a $20 million advertising campaign this week in a bid to attract more customers to the world of deep-discount investing. Page 12

First Union is shortening the moniker of its mutual fund family. "Today you need a globally recognized brand name," said William Ennis, managing director of the fund family. Page 12

Buoyed by its pending acquisition by Metropolitan Life Insurance, Security First Group, a third-party marketer and supplier of annuities to banks, is bumping up its sales plan by 60% for 1998. Page 13

COMMUNITY BANKING

Community banks craving a piece of the NationsBank/Barnett Banks pie are being urged to join forces. Page 14

MORTGAGES

Some mortgage companies chose New York attractions such as the Tavern on the Green restaurant and the Copacabana nightclub for social functions at the Mortgage Bankers Association of America's annual conference this week. Countrywide Credit Industries was all business in its choice. Page 15

CORPORATE FINANCE

KeyBank is making a $250 million construction loan for apartment projects in five cities in the West and Southwest. Page 18

CREDIT/DEBIT/ATMs

Wachovia Bank Card Services introduced its first cobranded card, a Visa product, with BMG Entertainment North America. Page 20

TECHNOLOGY

ONLINE BANKING: Looking for an edge in on-line banking, Fleet Financial Group has agreed to sponsor an educational Web site. Page 21

If on-line banking takes off as expected, women users are likely to be the driving force, according to a survey. Page 21

MARKET MONITOR

Banks could be gearing up to issue a substantial amount of subordinated debt as the economic environment becomes more favorable, analysts say. Page 30

WEEKLY REPORT: INTERNATIONAL

U.S. banks' rapidly rising exposure to developing countries has one analyst fretting that banks may be heading for a debt crisis. Page 9

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