Today's News

DEFYING PREDICTIONS that bankruptcy reform was dead for the year, the Senate is expected to vote on the legislation Tuesday or Wednesday. Page 2

THE FEDERAL RESERVE is pursuing novel measures to help banks comply with the Community Reinvestment Act. Page 3

REACTIONS on Capitol Hill to passage of the financial reform bill last week ranged from revelry to morbid humor. Page 3

LOAN APPLICATIONS were on the rise in late October as many borrowers apparently decided that rates have stabilized. Page 8

SILICON VALLEY Bancshares' stock has risen faster than any other bank's since it disclosed a disciplinary agreement with the Federal Reserve. Page 6

COMPASS of Alabama is furthering its westward expansion with a deal to buy Denver-based Megabank Financial for $94 million in stock. Compass CEO D. Paul Jones Jr. said Megabank is "a strong, profitable bank ... in a prospering market." It was the second purchase deal from Compass in two weeks. Page 7

GE CAPITAL has agreed to buy J.C. Penney's private-label credit card portfolio. Page 12

SECURITY FIRST TECHNOLOGIES, considered a bellwether of Internet banking activity, had an exceptionally strong third quarter. Page 14

THE SEC is considering a rule change to reflect a shift in brokerage firms' compensation for on-line trading. Page 17

THE FUND TRACKING company Lipper named Sarah Dunn, a Reuters executive, its CEO. Page 17

MOST STOCK ANALYSTS are optimistic that mergers stemming from the financial reform legislation would be positive for banks. Page 24

THOUGH CONSUMER spending has been surging, bankers should note that the long-term trend will almost certainly go the other way. Page 24

FINANCIAL STOCKS finished the week on a high note, buoyed by favorable economic news and passage of the financial reform bill. Page 30

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