Today's News

February 11, 1999, 2:00 a.m. EST 1 Min Read

John J. Brennan, chief of Vanguard Group and chairman of the Investment Company Institute, says mutual funds can continue their phenomenal growth - as long as the market doesn't tank. Page 8

WASHINGTON

The Senate Banking chairman and a Utah senator urged regulators to withdraw the know-your-customer proposal. Page 2

The OTS is rejecting incomplete charter applications that nonbanks rushed to file by Dec. 31. Page 3

REGIONAL

Summit Bancorp of Princeton, N.J., is creating a division to tailor sales and marketing efforts to women and minorities. Page 7

More businesses owned by women received bank loans last year than in 1996, a survey found. Page 7

MORTGAGES

Originations tripled last year, to $844 million, at the subprime unit of Wells Fargo's Norwest Mortgage. Page 10

COMMUNITY

United Commercial Bank in San Francisco says it intends to double its lending in Southern California this year-without acquisitions. Page 12

TECHNOLOGY

Chase is moving to equip branch employees with the same customer service software used in its call centers. Page 15

CORPORATE FINANCE

Part of a Treasury secretary's job is to worry about troubled loans. But these days the firm bearing William E. Simon Sr.'s name is looking to buy them. Page 25

MARKETS

Investors have been passing up Chicago-based Heller Financial's bonds, but some analysts are saying the time to buy is now. Page 26

BankBoston could be for sale if the stock price does not pick up, an analyst said. Back page

INTERNATIONaL

Mergers and acquisitions in Latin America soared last year as ever bigger transactions came onto the market, according to J.P. Morgan. 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

1h ago
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

1h ago
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

3h ago
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

4h ago
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

4h ago
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

4h ago