WASHINGTON

Federal and state authorities are investigating whether numerous banks and credit card companies are engaged in illegal telemarketing arrangements. Page 2

NATIONAL/GLOBAL

U.S. Bancorp will soon offer Internet trading services to its high-net- worth and brokerage clients, its CEO says. Page 3

Internet companies have connected with stock market investors but have yet to find favor in the loan market. Page 5

MORTGAGES

Going against the trend, loan applications increased last month at First Nationwide Mortgage. Its CEO discusses the strategy. Page 8

HOME EQUITY: Lawmakers in two states areoptimistic they can pass bills to protect minority and elderly borrowers from loan schemes. Page 9

INVESTMENT PRODUCTS

The umbrella group for state securities regulators said that it will require new investment advisers to pass a stricter exam next year. Page 11

DIGITAL FRONTIERS

SMART CARDS: Activcard said it is gaining broad-based industry support for its network security and authentication technology. Page 12

Arcot Systems has a different approach to protecting digital certificate credentials: Go cardless. Page 12

CARDS

Visa's regional organization for Central Europe, the Middle East, and Africa has adopted a six-year timetable for full conversion to smart cards. Page 13

TECHNOLOGY

Natwest of London plans to launch an electronic payment service designed to protect copyrighted digital materials from Internet piracy. Page 14

MARKETS

National Processing, one of the nation's largest merchant processors, could be for sale by yearend, say several Wall Street analysts. Back page

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