Today's News

December 01, 1997, 2:00 a.m. EST 1 Min Read

WASHINGTON

Nationwide Insurance applied for a federal thrift charter to sell trust services to corporations for their retirement plans. Page 2

REGIONAL BANKING

BOK Financial hired a high-profile Oklahoma personality as vice chairman. Page 5

COMMUNITY BANKING

A Wisconsin thrift will restate its results because four private-issue, mortgage-backed securities declined in value. Page 7

CORPORATE FINANCE

NationsBank, Barclay's, and Deutsche Bank are recruiting to serve the overseas junk market. Page 9

INVESTMENT PRODUCTS

American Century Investments is revving up for bank-channel sales of its funds. It is looking to create a wholesaling staff to serve the 19 banks with which it has distribution deals. Page 10

FUTUREBANKER

Microsoft, Sun, and other big technology players orchestrated compelling deals this year, many in electronic payments. The creation of MSFDC and Hewlett-Packard's acquisition of Verifone were among the key events. A special issue weighs their significance. Magazine

TECHNOLOGY

A leading French provider of home banking technology is turning its attention to the U.S. market. Paris-based CosmosBay counts 9 of the top 10 French banks as customers. Page 20

CREDIT/DEBIT/ATMs

Mondex International said it made an important stride last month by establishing a franchise for southern Africa. Page 24

MARKET MONITOR

more care than ever before is required when investing in the subprime sector, say analysts who cover it. But investors need not jump ship, they say. Page 33

a decline in factory orders and a downward adjustment in GDP were further signs that there will be no need for a rate hike by the Federal Reserve, economists say. Page 33

WEEKLY REPORT: SMALL BUSINESS

The top 50 banking companies in small-business lending are gaining ground in a slow, grinding war for market share. Page 13

MORE FROM AMERICAN BANKER

Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

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Earnings

Citizens reports fast progress in building its private bank

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

By Allissa Kline

April 17
Earnings

'Higher-for-longer' hits U.S. Bancorp as funding costs stay elevated

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

By John Reosti

April 17
Regulation and compliance

CFPB makes structural changes after expanding authority over nonbanks

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

By Kate Berry

April 17
Consumer banking

First Horizon bucks trend as deposit costs slow

Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.

By Polo Rocha

April 17
Payments

Klarna turns a BNPL track record into a creditworthiness benchmark

U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.

By Kate Fitzgerald

April 17