Today's News

WASHINGTON

The acting comptroller used a speech to the Tennessee Bankers Association to rally opposition to the financial reform legislation pending in Congress. Page 2

COMMUNITY

An activist shareholder group is seeking to force the sale of Connecticut's NSS Bancorp, a thrift holding company. Page 8

MORTGAGES

Issuance of mortgage-backed securities was strong in the first quarter, but mortgage bankers and analysts say the surge may have peaked. Page 12

The plunge in Roslyn Bancorp's stock price is a wake-up call to New York-area thrifts that prices may be as high as they are going to get, analysts say. Page 12

INVESTMENT PRODUCTS

Chase is planning to launch a family of no-load mutual funds on a pilot basis. Page 15

INSURANCE: Mellon Bank expects its bank and the large insurance agency it is buying to do a lot of cross-selling. Page 16

CARDS

Bank of America has begun advertising its credit cards through the Juno free e-mail service. Page 18

Managers of electronic funds transfer networks are living in "turbulent times," NYCE's president and CEO told his network's annual conference. Page 18

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: Internet shopping malls owned or branded by banks are cropping up nearly all over the world, but the phenomenon is largely bypassing U.S. banks. Page 20

TECHNOLOGY

Digital cash, an idea that helped focus bankers' and regulators' attention on the commercial possibilities of the Internet, has yet to answer many questions about its viability. Page 21

MARKETS

The Fed approved Union Bank of Switzerland's buying Swiss Bank but ordered the new company to shed its U.S. merchant banking business. Back page