Today's News

WASHINGTON

Reforming the bankruptcy laws to crack down on borrowers could result in an average of 12% of filers repaying 74% of their debts, according to an Ernst & Young study. Page 2

text here. Page 2

REGIONAL

Cleveland-based National City seriously considered changing its name because of a pending acquisition of First of America Bank, but has decided to keep its own moniker. Page 4

COMMUNITY

California banks are lending a helping hand to residents whose homes or businesses have been damaged by heavy rains, fallen trees, and mud slides - manifestations of El Nino. Page 5

A new Florida holding company has changed the name of its planned start- up bank, bowing to pressure from First Union, which has rights to the name. Page 5

MORTGAGES

HOME EQUITY: NationsBank is diving headfirst into a lending area that some worry may be shark-infested: Through its finance subsidiary, the bank is building a manufactured-housing unit that its president hopes will turn into a "force for other lenders to contend with." Page 6

INVESTMENT PRODUCTS

KeyCorp is getting out of the no-load mutual fund market after a three- year flirtation with the concept. Page 9

Fidelity Investments is scaling back some services geared to high-net- worth customers. Page 11

TECHNOLOGY

While some bankers use promotions heavily to attract customers to their on-line systems, others disdain such incentives as irrelevant to customers primarily looking for value. Page 12

DIGITAL FRONTIERS

SMART CARDS: Diebold will introduce a system this fall at Penn State University with cards that carry two magnetic stripes and a photograph of the cardholder. Page 14

CARDS

Mondex USA has appointed a PNC Bank executive to the new post of director of merchant strategy. Page 15

MARKETS

text here. Page 22

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER