Today's News

WASHINGTON

A FEDERAL RESERVE governor urged bankers to vigorously test credits to see whether borrowers could withstand an economic downturn. Page 2

REP. MARGE ROUKEMA has offered a compromise to end the turf war between the Fed and Treasury over bank powers. Page 2

NATIONAL/GLOBAL

RITE AID may be close to an agreement with lenders for restructuring a $1.3 billion credit line backing up its commercial paper program. Page 4

DEBATE on a new global financial architecture took a twist at the World Bank and IMF annual meetings in Washington. Page 6

COMMUNITY/REGIONAL

SINCE THE OCC closed a West Virginia bank, depositors have stormed its former competitors seeking a safe place to keep their money. Page 8

THE ABA is offering five of its fall training courses on-line, and will likely put more on the Web in future semesters. Page 8

INVESTMENT PRODUCTS

FIDELITY relaunched its on-line trading site with new services, a new name -- Powerstreet -- and an advertising agreement with Lycos. Customer marketing president Stephen Cone said Fidelity wants customers to look beyond its size and see that "we also have the best brokerage offering." Page 10

BANK ONE has trimmed its annuity lineup a year after its merger with First Chicago left it with 20 offerings crowding its menu. Page 9

CARDS Page 11

TECHNOLOGY

NEARLY A THIRD of U.S. consumers are concerned about the year-2000 readiness of financial services providers, according to a survey. Page 14

MORTGAGES

MOODY'S SAID Advanta Mortgage is improving the credit quality of its loans by taking more control over subprime mortgages. Page 15

THE AVERAGE U.S. hotel will suffer a 1.6% decline in operating profits this year, the first decline since 1991, a prominent hospitality research firm has projected. Page 16

MORTGAGE TECHNOLOGY

LENDERS COUNT on servicing revenues in the mortgage industry. So observers are skeptical about the fate of E-Loan, which sells all of its loans for cash -- servicing rights included. Page 17

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