The Federal Reserve Board will vote Sept. 7 on a proposed budget of $387.6 million for the 2000 and 2001 fiscal years, a 4.9% increase from the current biennium. Page 2


President Clinton promoted a program aimed at streamlining mortgage lending on tribal lands during a visit to an Indian reservation. Page 5

Though many clamor for the containment of Fannie Mae and Freddie Mac, a prominent congressman is advocating their expansion. Page 5



Harris is counting on a year-old tuition rebate program to help boost sales of its proprietary mutual funds through third parties. Page 8

The Maine Credit Union League has formed a joint venture with four insurance veterans to sell property and casualty insurance to credit union members. Page 9


California Bank and Trust CEO Robert G. Sarver lost his hair in a stressful job. He told credit officers that if they shaved nonperforming loans by 20%, he'd shave his head. They did. "My wife is horrified," he says, but he's found that putting it all on the line in pursuit of results can be a powerful motivator. Page 3

Bank United of Houston said it plans to make guaranteed rural development loans nationwide through a program backed by the USDA. Page 4


Community banks with undervalued stock may want to consider going private, writes attorney Joel Rappoport, who suggests ways to do it. Page 10


Gomez Advisers gave first place in its quarterly Internet banking scorecard to Security First Network Bank, a Royal Bank of Canada subsidiary. Page 12


China has begun conducting four pilot tests related to the development of its first nationwide electronic payment system. Page 13

An alliance aimed at replacing mainframe-based core banking systems has added a fourth partner. BEA Systems joined the effort led by NEC. Page 13


Internet marketing is the least expensive way for credit card issuers to get new customers, but it may not be the best, said an investment banker who surveyed lenders. Page 14


Mellon stock is underpriced compared with its peers and should rise more than 12% over the next year, says a banking analyst at Bear Stearns. Back page

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