Today's News

REFORM IS GARY STERN'S MANTRA these days. The president of the Federal Reserve Bank of Minneapolis says deposit insurance will have to change if banks are to get full securities and insurance powers. Page 4

WASHINGTON

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COMMUNITY BANKING

With competition growing, more of the very smallest banks are using advertising firms instead of relying on the local newspaper's ad department. Page 7

MORTGAGES

Insurers have been hitting profit forecasts nearly to the penny, but the recent explosion in refinancings could hurt them. Page 10

Fannie Mae's benchmark note program got off to a running start this month. Investors snapped up $4 billion of the new securities in Fannie's biggest single issue ever. Page 10

CORPORATE FINANCE

The high-yield market continued to build momentum last week as consolidation and refinancing drove activity in the secondary market. Page 12

CREDIT/DEBIT/ATMs

Banking has come to Antarctica. Wells Fargo now has two ATMs there, linked to the rest of the world by satellite. Page 14

TECHNOLOGY

Bank technology stocks still seemed relatively immune to last week problems from the Asian markets. Page 18

MARKET MONITOR

The shrinkage of the IPO market has taken a toll on Friedman Billings Ramsey Group, which specializes in taking companies public and did so for itself just last month. Page 30

WEEKLY REPORT: SMALL BUSINESS

Cash management services for small businesses are in line for heavy promotion this year. Page 8

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