WASHINGTON

A proposal by the government to reform the mortgage disclosure laws is seriously flawed, industry representatives told lawmakers. Page 2

The notional amount of derivatives held bycommercial banks hit a record in the second quarter, rising 8% to $28 trillion, a government report says. Page 4

MORTGAGES

An affiliate of Mortgage Guaranty Insurance Corp. is auctioning off a servicing portfolio of close to $1 billion. Page 11

INVESTMENT PRODUCTS

Some banks are hoping the stock market's vola-tility will create opportunities for them to cash in on novel versions of certificates of deposit. Page 13

COMMUNITY

Small banks consistently charge lower fees, according to an Independent Bankers Association of America analysis of a Federal Reserve survey. Page 14

CARDS

Consumer loan delinquencies held fairly steady in the second quarter except for credit cards, which went up for the second period in a row, the American Bankers Association said. There was a silver lining in the card results: The percentage of dollars delinquent fell to 4.57% of outstanding loans, from 5.42%. Page 15

DIGITAL FRONTIERS

ON-LINE BANKING: KeyCorp announced thatcustomers wherever it operates can get real-time account data at the branch and by PC, ATM, and phone. Page 16

TECHNOLOGY

Cabletron -under pressure from losses, a falling stock price, and competition-is fighting back with a broader product menu and plans to target specific industries, including financial services. Page 17

CORPORATE FINANCE

NationsBank is starting to look for a successor to Thomas Weisel, Montgomery Securities' CEO, who is expected to leave the company soon. Page 29

MARKETS

Bank of New York and Northern Trust are proving more resilient than other banks to recent stock market swings, because key lines of their business go full tilt during bull or bear markets. Page 30

WEEKLY REPORT: INTERNATIONAL

A Citicorp executive is bullish on the prospects for a united European economy despite the challenges that have skeptics predicting the union will collapse. Page 12

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