NATIONAL/GLOBAL

A massive investigation into potential money laundering at Bank of New York was not expected to affect the company's operations. Page 4

COMMUNITY/REGIONAL Page 6

INVESTMENT PRODUCTS

A 21-YEAR financial services veteran arrived this week at Sanwa Bank California to lead its newly formed wealth management division. Page 7

VIEWPOINTS Page 8

WASHINGTON

SEN. PHIL GRAMM says federal regulators have grossly underestimated the time it takes banks to comply with the Community Reinvestment Act. "The agencies continue to underestimate the CRA-compliance costs for institutions of all size." Page 2

THE FEDERAL Home Loan Bank of New York won approval for a pilot program that will split the credit and interest rate risk between private-sector mortgage lenders and the government-sponsored entity. President Alfred A. DelliBovi said the program would satisfy a Finance Board proposal. Page 2

MORTGAGES

STOCKS OF FANNIE and Freddie fell to their lowest levels of the year last week. Page 10

RADIAN GUARANTY, the second-largest mortgage insurer, has created a new post: liaison with Fannie Mae and Freddie Mac. Page 10

ON-LINE BANKING

TELEBANC says it is starting to reap the benefits of a multimillion-dollar marketing campaign to attract new customers and build brand loyalty. Page 12

THE NUMBER of U.S. households using on-line banking is projected to more than triple in the next five years. Page 12

TECHNOLOGY

REGIONAL payments associations in Denver and Phoenix have signed an agreement to merge. Page 13

MARKETS

BANK STOCKS are behaving much as they did in August of last year, when the business environment could hardly have been more different. Back page

THE NATION's trade deficit ballooned again in June, according to new data, which only raises the chances of another interest rate hike by the Federal Reserve and ultimately a slowdown in economic growth, economists said. Back page

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