Today's News

WASHINGTON

The Treasury Department's inspector general is accusing the OCC of repeatedly violating laws requiring competitive contract bidding. Page 2

NATIONAL/GLOBAL

Banks will have to reduce their loan holdings to maximize profits, a panel of international bankers said at the International Monetary Conference. Page 5

WITH $350 billion in U.S. currency floating around foreign countries, First Union is getting into the currency trading business. Page 6

COMMUNITY/REGIONAL

An activist shareholder battling an Illinois thrift holding company has nominated three candidates to its board. Page 8

INVESTMENT PRODUCTS

Merrill Lynch's decision to get into on-line trading could affect how asset management companies price products, said Dreyfus' president. Page 10

Liberty Financial plans to combine its sales forces for mutual funds and annuities. Page 11

CARDS

Equifax has promoted veteran credit card processing executive Lee A. Kennedy to president and chief operating officer, freeing its CEO to work on broader strategic issues. The company's rapid growth and diversification brought a need for additional depth in the executive suite. Page 14

A consumer group has found fresh ammunition for its lobbying to restrict college students' access to credit cards. Page 14

MORTGAGES

May was the 21st consecutive month of rising employment in the mortgage industry. Page 12

DIGITAL FRONTIERS

ON-LINE BANKING: Verisign has embarked on a simplicity campaign with a system to help bus-inesses clear the hurdles to deploying secure, digitally signed e-mail. Page 16

RSA Data Security has announced a cryptography enhancement that it expects will tap into the strong demand for electronic commerce systems. Page 16

TECHNOLOGY

FICS Group of Belgium came to U.S. bankers' attention last month when Security First Technologies announced a deal to buy it. Page 17

A service to facilitate check payments by telephone is moving ahead, even though Nacha has yet to test its proposed rules for such payments. Page 17

MARKETS

Shares of a West Virginia bank are under pressure from a recent merger and a controversial lending program, says the only analyst who tracks it. Back page

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