Today's News

September 03, 1999, 1:00 a.m. EDT 1 Min Read

WASHINGTON

THE OCC is defending itself against charges that it should have acted sooner to rein in a bank that was shut down amid charges of fraud. Page 2

SIDING WITH the OCC, a U.S. Court of Appeals panel decided that states may not regulate ATMs operated by national banks. Page 2

NATIONAL/GLOBAL

WELLS FARGO is in talks with supermarkets in the Midwest to open in-store branches in markets that were served by the former Norwest. Page 3

COMMUNITY/REGIONAL

A MICHIGAN BANK has uncovered a check-kiting scheme that could cost it $3.9 million this quarter. Page 5

SOME SHAREHOLDERS at New York's Haven Bancorp are fuming that the thrift company passed up chances to sell, and are demanding that it find a buyer. Page 5

VIEWPOINTS Page 6

INVESTMENT PRODUCTS

NAT CITY's brokerage hopes to turn football fans into investors by expanding the bank's marketing effort with the Cleveland Browns. Page 7

MASSACHUSETTS Financial Services is the latest fund company to let investors shop on-line for additional shares of mutual funds. Page 7

MORTGAGES

CHASE's mortgage subsidiary is close to a deal that would give it top dollar for a $9 billion portfolio of servicing rights. Page 8

A HANDFUL of mortgage lenders are looking skyward with frequent-flier incentives. Page 8

TECHNOLOGY

SUN MICROSYSTEMS' deal to buy Star Division is a bid to transform the way basic software packages are used and procured. Page 10

ELECTRONIC communications networks for stock trading will experience a tremendous growth spurt, but peter out within a few years, Meridien Research predicts. Page 10

ON-LINE BANKING

MICROSOFT AND INTUIT have released new versions of their personal financial management software. Page 11

PRINCIPAL BANK, an Internet offshoot of an Iowa insurer, has installed software to speed the processing of deposit applications. Page 11

MARKETS

NATIONAL CITY said it intends to open a corporate banking office in Philadelphia with a former officer of CoreStates at the helm. Page 18

U.S. BANCORP struck its third deal this year in Southern California, saying it would buy Peninsula of San Diego for $104 million in stock. Back page

For reprint and licensing requests for this article, click here.

TRENDING

Strategic planning

NYCB's new CEO fills out his team amid strategy revamp

New York Community Bancorp CEO Joseph Otting has added three former colleagues to the embattled company's leadership team. The hires come six weeks after the Long Island bank got a $1 billion capital infusion, which led to Otting's appointment as CEO.

By Allissa Kline

42m ago
Politics and policy

Warren, Blumenthal press OCC on NYCB-Flagstar deal approval

Sens. Elizabeth Warren, D-Mass., and Richard Blumenthal, D-Conn., detailed how New York Community Bank grew to exceed the $100 billion threshold that triggers tougher bank requirements and set the bank on a path to market turmoil via a series of deals that were approved, in part, by the Office of the Comptroller of the Currency.

By Claire Williams

2h ago
Payments

Inside FIS' use of AI to weed out false-positive card fraud alerts

When its broad-spectrum payment card fraud-detection filters generated too many false alarms, FIS implemented AI to help banks prioritize which types of fraud to investigate first, in part by muting lower-risk notifications.

By Kate Fitzgerald

2h ago

MORE FROM AMERICAN BANKER

Strategic planning

NYCB's new CEO fills out his team amid strategy revamp

New York Community Bancorp CEO Joseph Otting has added three former colleagues to the embattled company's leadership team. The hires come six weeks after the Long Island bank got a $1 billion capital infusion, which led to Otting's appointment as CEO.

By Allissa Kline

42m ago
Politics and policy

Warren, Blumenthal press OCC on NYCB-Flagstar deal approval

Sens. Elizabeth Warren, D-Mass., and Richard Blumenthal, D-Conn., detailed how New York Community Bank grew to exceed the $100 billion threshold that triggers tougher bank requirements and set the bank on a path to market turmoil via a series of deals that were approved, in part, by the Office of the Comptroller of the Currency.

By Claire Williams

2h ago
Payments

Inside FIS' use of AI to weed out false-positive card fraud alerts

When its broad-spectrum payment card fraud-detection filters generated too many false alarms, FIS implemented AI to help banks prioritize which types of fraud to investigate first, in part by muting lower-risk notifications.

By Kate Fitzgerald

2h ago
M&A

Wintrust strikes $510 million deal to acquire Michigan bank

Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.

By Jim Dobbs

April 15
House Financial Services Leadership

Q&A: Rep. French Hill on his bid to lead Republicans on the HFSC

The Arkansas Republican is currently the vice chairman of the House Financial Services Committee and has a deep background in the banking industry and policy.

By Claire Williams

April 15
Commercial lending

M&T shows progress reducing its CRE exposure

The Buffalo, New York-based bank set a goal four years ago to limit its commercial real estate loan portfolio to 160% of its capital and reserves, and it's closing in on that target, says Chief Financial Officer Daryl Bible.

By John Reosti

April 15