Today's News

WASHINGTON A new government rule requiring banks and other companies to disclose more information about their derivatives portfolios was blasted at a Senate Banking subcommittee hearing. Page 2 The CHAIRMAN of the National Republican Congressional Committee says he'll co-sponsor legislation to let banks and nonfinancial firms merge. Page 5 COMMUNITY BANKING A federal judge ruled that an SEC filing by dissident shareholders of Maryland's Mason-Dixon Bancshares included misleading information. Page 8 Pacific Bank in San Francisco snubbed an "unsolicited indication of interest" from another financial institution. Page 8 INVESTMENT PRODUCTS Bankers wondering if they should use platform personnel to sell life insurance are closely watching a California thrift. Page 10 First Maryland clinched a deal to manage an indexed equity fund for one of the country's largest union pension plans. Page 11 MORTGAGES Norwest bought a leading player in the fast-growing business of making federally insured home improvement loans. Page 12 CREDIT/DEBIT/ATMs CARD FRONTIERS: Canadian Imperial Bank of Commerce will use Web technology on its ATMs to sell new products and services. Page 15 TECHNOLOGY Banks seeking to use "strong encryption" say proposed rules that were supposed to make it easier would do just the opposite. Page 18 Phoenix International signed four more bank clients for its client/server technology. Page 18 CORPORATE FINANCE Lenders backing Norfolk Southern's hostile bid for Conrail breathed a sigh of relief as Conrail began negotiating a friendly merger agreement with CSX. Page 25 BankAmerica and Bankers Trust are set to launch a $700 million senior bank loan to support Texas Pacific Group's acquisition of Del Monte Foods. Page 25 MARKET MONITOR Several banks are expected to be hurt by an IRS ruling that closed a tax loophole on a new security. Page 26