Today's News

WASHINGTON

SUBPRIME LENDERS can expect more consumer protection laws and heavier enforcement to curtail so-called predatory lending, federal and state regulators said. Page 2

TREASURY allies in the House and Senate urged financial reform negotiators to adopt broad powers for direct subsidiaries of banks. Page 2

BANKS' TRADING REVENUE plunged 39%, to $2.2 billion in the second quarter, the Office of the Comptroller of the Currency reported. Page 3

COMMUNITY/REGIONAL

BOSTON BANK of Commerce began realizing some ambitions when a purchase in Florida made it the only black-owned bank to operate in more than one state. Page 6

NATIONAL/GLOBAL

AFTER SIX MONTHS of self-examination, Honolulu-based Pacific Century said it would cut 1,015 jobs, or 22% of its work force, to save $43 million a year. Page 4

MELLON said it would drop the word "bank" from its name and operate as Mellon Financial. CEO Martin G. McGuinn said the name change reflects "our evolution." Mellon has been gradually changing from a traditional commercial bank to an investment services company. Page 5

WASHINGTON MUTUAL expects soon to wrap up one of the final conversion jobs related to its acquisition of Home Savings of America. Page 10

MASTERCARD has allied itself with IBM's digital wallet initiative, arranging to distribute the software through its member banks to customers, potentially in mass quantities. Page 11

INVESTMENT PRODUCTS

THE ACQUISITION of Duerr Financial by IBIS Group marks the first foray by foreign players into the U.S. third-party marketing business. IBIS is mostly owned by French companies. Page 12

KEMPERFUNDS of Chicago has named one of its business development officers to head its bank sales division. Page 13

MARKETS

SENATE FOREIGN Relations Committee Chairman Jesse Helms plans to investigate the budding Russian money laundering scandal involving the Bank of New York. Page 21

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