Today's News

January 20, 1999, 2:00 a.m. EST 1 Min Read

Chase CFO Dina Dublon says the company is putting more emphasis on productivity. Units that do not make money must explain why or risk losing funding, she says. Page 26

WASHINGTON

Chairman Phil Gramm said the Senate Banking Committee will begin voting on financial reform legislation Feb. 25, but the committee's ranking Democrat called this timing "overly ambitious." Page 2

INVESTMENT PRODUCTS

Fleet plans to focus this year on selling its Galaxy Funds through third parties. Page 4

The U.S. banking operation of Industrial Bank of Japan is negotiating to buy two U.S. investment management firms, its president said. Page 5

DIGITAL FRONTIERS

SMART CARDS: When many in the smart card industry were fixated on stored value or electronic purse functions, Brian McKinney of Audesi Technologies had already gotten the multi-application religion. Page 6

CARDS

Mellon's plan to sell its consumer credit card portfolio raises the question: Is it worthwhile for midsize card issuers to compete against the giants? Page 7

MORTGAGES

HOME EQUITY: Saxon Mortgage Capital, the nonconforming lending unit of Dominion Resources-a major power and gas company - could be positioning itself for a loan expansion. Page 8

COMMUNITY

Fast-growing Banc Corp. of Birmingham, Ala., struck another deal, saying it will buy BankersTrust of Alabama for an undisclosed price. Page 10

TECHNOLOGY

The National Automated Clearing House Association is planning a pilot of check truncation in retail lockbox operations. Page 11

CORPORATE FINANCE

As syndicated lenders digest yearend volume numbers, a new debate is raging about which bank is No. 1. Page 17

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