Today's News

WASHINGTON

House Banking Chairman Jim Leach vowed to protect public information on bank fees from the ax of a paperwork streamlining law, calling the Fed reports a valuable consumer resource. Page 2

NATIONAL/GLOBAL

Iridium's $800 million syndicated loan is in default, Chase says, according to a federal filing by the satellite phone company. Page 4

With two pending deals in the Chicago market, Old Kent is fast becoming a major force in the Midwest's largest city. Page 5

COMMUNITY/REGIONAL

After a merger, the larger banking company can face problems retaining small businesses as customers, especially if it switches loan officers. Page 6

SMART CARDS

Quiet though it may be in the United States, the Mondex smart card program continues to garner commitments from bankers elsewhere. Page 10

CARDS

Fleet's credit card unit is hatching plans for a separately branded Internet business to be introduced early next year. The company has decided it would be "really smart for us to have a pure play on the Internet," said Warren Wilcox, executive vice president. The new business has not yet been named. Page 11

Security First Network Bank is planning to issue more card products soon in a counterattack on Internet credit card banks. Page 11

INVESTMENT PRODUCTS

Chase is taking on the developing investment market in Italy, amid heavy competition from financial services firms. Page 8

IBJ Whitehall has bought a 50% equity stake in a fixed-income money manager, its third asset management acquisition since the spring of 1998. Page 9

TECHNOLOGY

Gasper corp. has introduced software to help banks respond quickly to depleted cash reserves in ATMs as 2000 draws near. Page 12

MORTGAGES

The chairman of the Federal Trade Commission blasted anti-consumer lending practices in the home equity sector after settlement of a lawsuit. Page 13

Cendant's affiliations with real estate brokers helped it post strong growth in loan originations in the second quarter, despite a slowing market. Page 13

MARKETS

Brokerage stocks, both full-service and on-line, suffered badly on Tuesday. Some of the biggest stars lost more than 10% of their value. Page 22

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