Today's News

April 28, 1998, 1:00 a.m. EDT 1 Min Read

Global Payment Systems, the MasterCard/National Data partnership, mostly courts smaller institutions that "don't feel they get the attention or the relationship they need," says CEO David K. Hunt., Page 12

WASHINGTON

A Year-2000 expert preached something approaching doom at a Dallas conference., Page 2

COMMUNITY

Two agreements to buy community banks in San Diego County were announced last week., Page 5

REGIONAL

It is spring cleaning time for banks. Manyare getting rid of unprofitable businesses., Page 6

CORPORATE FINANCE

Morgan WITTER is offering a record leveraged syndication over the Internet., Page 8

INVESTMENT PRODUCTS

INSURANCE: More small banks are buying agencies to diversify products and boost fee income., Page 9

MORTGAGES

Freddie MAC is issuing a new type of security to hedge its credit risk. Page 10

MONTHLY REPORT: MORTGAGE TECHNOLOGY

United Cos. has installed multipurpose Windows-based software in its bank referral unit., Page 11

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: Hoping to add momentum to its digital certification tool, Valicert is offering more options at a lower price free., Page 13

TECHNOLOGY

Sequent Computer says its data warehouse product can bridge the gap between customer files and the point of customer interaction., Page 15

MARKETS

The Supreme Court let stand a decision allowing the FDIC to void oral agreements made by banks that subsequently failed., Page 22

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

April 17
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

April 17
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