WASHINGTON

The Community Reinvestment Act's effect on low-income lending is unclear and should be rigorously studied, a Federal Reserve Board official said. Page 2

A Fed Governor waded into the controversy over accounting for loan loss reserves, portraying the central bank as the debate's honest broker. Page 2

NATIONAL/GLOBAL

Bank of Scotland seemed to have stumbled on a great idea when it decided to start a highly automated consumer bank aimed at the millions of enthusiastic supporters of Pat Robertson, the Christian evangelist and former presidential candidate. Now it looks like the proposed telephone and mail bank will never materialize, the result of misguided marketing that saw only the positive in using the Robertson name. Page 4

Investment bankers at Donaldson, Lufkin & Jenrette are racing a June 30 deadline to restructure $2.25 billion in debt for Iridium, the global wireless phone provider. Page 5

VIEWPOINTS

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COMMUNITY/REGIONAL

A New York community bank is generating new loans and deposits the old- fashioned way: by going door-to-door. Page 8

MORTGAGES

Rising interest rates may be shifting the tide in favor of thrifts as they compete for market share with mortgage banks. Page 9

INVESTMENT PRODUCTS

Free ATM access is the latest perk being offered to retail investors as brokers battle to hold onto their assets. Page 10

Bankers are taking a wait-and-see approach to Amsouth's deal to buy First American, which includes its third-party marketing business. Page 10

DIGITAL FRONTIERS

Canadian Imperial Bank of Commerce expects to save millions of dollars with an electronic procurement program it is rolling out. Page 12

TECHNOLOGY

Bankers Trust has completed the spinoff of a risk management technology company. Page 13

The National Association of Securities Dealers has signed a 10-year outsourcing contract with Electronic Data Systems. Page 13

MARKETS

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