Today's News

July 02, 1998, 1:00 a.m. EDT 1 Min Read

Thanks to pending megadeals, two U.S. banking companies-Citigroup and the new BankAmerica-would vault into the world's top 10, a distinction no domestic institution has had since 1988. Page 11

WASHINGTON

The Fed has given state-chartered savings banks permission to sell annuities and other insurance products. Page 2

REGIONAL

The chairman and CEO of National City has joined a group of local investors who are hoping to buy the Cleveland Browns football team. Page 4

MORTGAGES

A flurry of mortgage prepayments has put some hedge funds in the hot seat and Wall Street traders on the sidelines. Page 6

COMMUNITY

FCNB's push deeper into suburban Washington should put the Frederick, Md., company on more buyers' wish lists, analysts say. Page 8

DIGITAL FRONTIERS

ON-LINE BANKING: The future for banking by television may have brightened with AT&T's announced agreement to acquire Tele-Communications. Page 16

TECHNOLOGY

To meet the year-2000 and euro conversions deadlines, Credit Suisse First Boston created an organization with its own staff, budget, and accountability. Page 17

CORPORATE FINANCE

PNC has established a unit to focus on small technology and emerging growth companies. Page 25

MARKETS

Citicorp said it will close credit and charge card operations in three cities and offer 1,900 affected workers an opportunity to move to other centers. Page 26

CARDS Page 12

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

10h ago
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

10h ago
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