Today's News

WASHINGTON The OCC is threatening the viability of the state bank charter, Fed Chairman Alan Greenspan said. Page 2 Lobbying against bank insurance sales could backfire, an insurance trade group lawyer warned. Page 4 COMMUNITY BANKING A trio of Northern California community bank executives said that technology has been the key to competing with bigger banks. Page 9 INVESTMENT PRODUCTS By most estimates, big brokerages would make money if they sold their mutual funds through banks. So why aren't more doing it? Page 12 Some fund servicers say banks are allowing billions of dollars of money market mutual fund assets to slip into the hands of their nonbank competitors. Page 13 CORPORATE FINANCE CIBC Wood Gundy is leading financing for Outdoor Systems' purchase of a billboard company from Minnesota Mining and Manufacturing. Page 15 REGIONAL BANKING Norwest CEO Richard M. Kovacevich says the problems created by deteriorating consumer credit quality are far from over. Norwest is nearing a peak for losses, he said, but the industry will continue to experience difficulties. "I think we're going to continue to move in a negative way over a long period of time." Page 6 MORTGAGES Analysts have been urging specialty finance companies to reduce the premiums they pay for loans, but the first one to make the adjustment is taking it on the chin in the stock market. Page 16 TECHNOLOGY Electronic Data Systems' latest quarterly earnings disappointment highlights the quandary the outsourcing company is in with respect to its dealings with banks. Page 22 MARKET MONITOR With signs that the economy is cooling down, bank stocks' staying power will be tested. Page 33 FIRST BANK SYSTEM's chairman, John F. Grundhofer, says he is confident that doubling its size through the acquisition of U.S. Bancorp would not disrupt existing customer relationships. Back page WEEKLY REPORT: SMALL BUSINESS entrepreneurs at a Phoenix small-business conference discussed their financing strategies. Page 27 Fleet Financial wants to become a dominant player in the ultra-competitive New York metropolitan market. Page 28