Today's News

WASHINGTON Banks won another appellate victory in the fight against broad interpretation of the "common bond" requirement for credit union membership. Page 2 Great Western is urging the Office of Thrift Supervision to block H.F. Ahmanson's hostile takeover bid. Page 4 INVESTMENT PRODUCTS Investors are pouring cash into mutual funds with real estate holdings, but most banks have missed out on the burgeoning market. Page 7 INSURANCE: NationsBank plans to roll out a pilot program to sell life insurance through its brokerage subsidiary this summer. Page 8 TECHNOLOGY Citicorp is nearly finished testing IrisIdent, a system that scans eyes to verify customer identity. Page 12 Although bankers are lowering their expectations for electronic banking, some cash alternatives are flourishing on college campuses and on highways. Page 12 CREDIT/DEBIT/ATMs Banc One and First Data Corp. took a series of steps to consolidate credit card processing operations after Banc One buys First USA later this spring. First Data will be processing all of the MasterCard, Visa, and private-label transactions for the merged entity. Page 16 COMMUNITY BANKING The man credited with overhauling Philadelphia's struggling Regent National Bank left his post, saying the bank no longer needs him. Page 13 MORTGAGES The board of directors at Kansas' Advanced Financial said the subprime lender and servicer needed bailing out. Page 14 The $6.5 million mortgage securitization for Habitat for Humanity International, a Christian ministry that finances homes for the poor, was an unconventional one on Wall Street. Page 14 The Mortgage Bankers Association is frustrated over Wall Street's rejection of its proposal to change the way some Ginnie Mae securities are marketed. Page 15 MARKET MONITOR The next big event in the two-month-old fight over Great Western Financial --when to hold its annual meeting--will likely take place in a Delaware court this week. Page 21 Bank stocks fluctuated despite a string of strong earnings reports. Page 21 Derivatives users are fighting a new SEC regulation they say will be cumbersome to comply with and supply little useful information to investors. Page 22