Today's News

WASHINGTON

CUNA is soliciting for its political action committee directly from credit union members. Page 2

In her first major management shake-up, FDIC Chairman Donna A. Tanoue appointed a new chief financial officer and four other senior executives. Page 2

MORTGAGES

Aames Financial reported a $36 million first-quarter loss and said its chief executive has stepped down. Page 16

Countrywide's new executive for Internet marketing says he will apply lessons from on-line brokerages to make his firm the on-line mortgage leader. Page 17

COMMUNITY/REGIONAL

Soon after Intrust Financial mapped out its strategy for expansion in Kansas, the company heard from U.S. Bancorp offering branches for sale. Page 18

Alliance shares have been gaining momentum on speculation that the Chicago-area banking company may be seeking a buyer. Page 18

INVESTMENT PRODUCTS

a number of banks with midsize mutual fund businesses are having trouble keeping up. Assets under management rose just 4.4% on average in the first quarter for banks managing $1 billion to $10 billion, far below the 8.3% average for those managing more than $10 billion. Page 7

Investors are flocking to the Munder NetNet Fund, which uses an Internet edge to stay ahead of the stock fund pack. Page 8

TECHNOLOGY

CFI Proservices took ownership of Meca Software, ending a five-month search for a buyer for the software consortium. Page 19

DIGITAL FRONTIERS

Microsoft is dispelling doubts about its ability to muscle its way into the smart card industry. Page 20

CARDS

U.S. Bancorp has set out to make its name in transaction processing, with its plan to buy Mellon's processing business its "stake in the ground." Page 21

MARKETS

Bankers Trust has become the latest subject of the Securities and Exchange Commission's ongoing review of the banking industry's loan-loss reservepractices. Page 30

Hibernia of New Orleans and First Guaranty of Hammond, La., said they have terminated their merger agreement from last July. Back page