Today's News

WASHINGTON

Senate Banking Committee Chairman Phil Gramm widened his probe of federal regulators who enlisted banks to support the Community Reinvestment Act. Page 2

REGIONAL

Bay View Capital of California received final regulatory approval to become a national bank. Page 3

BankBoston is gearing up to compete in wholesale banking against much bigger rivals, including Chase Manhattan, Citigroup Inc., and J.P. Morgan. Page 4

INVESTMENT PRODUCTS

Wilmington Trust is using an unexpected image in television ads to sell its investment management services. Page 5

COMMUNITY

Federal regulators plan to adjust the way community bank profitability is calculated, to compensate for the lift that S corporation banks give to ratios. Page 6

MORTGAGES

Many in the mortgage industry predicted a slowdown in refinancings this year, but the latest statistics show refis on the rise. The Mortgage Bankers Association refinance index reached 1,741.7 on Wednesday, its highest level since the middle of December. Refi activity accounted for 53.4% of applications. Page 12

IMX Exchange, the on-line bidding system for mortgage brokers and lenders, secured an additional $22 million in backing from investors, bringing its war chest to $40 million. Page 12

CARDS

Marketing expert William Keenan is building a little empire of credit card consulting services. Page 8

Two travel and entertainment rivals,Diners Club International and American Express,have enhanced their rewards offerings. Page 8

TECHNOLOGY

CoinBank Automated Systems signed an agreement with a military service agency to install CoinBanks, its automated coin-deposit machines, at certain Army and Air Force locations. Page 10

CORPORATE FINANCE

First Union Capital Markets, the securities subsidiary of First Union, said it has provided a range of financing to a French textile company. Page 21

MARKETS

Bank analyst Moshe A. Orenbuch has left Sanford C. Bernstein for Donaldson, Lufkin & Jenrette. Page 22

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