THE PLAN by the Basel Committee to use private credit rating agencies to help set more risk-sensitive capital requirements is widely regarded as flawed -- but nobody seems to have a better idea. Page 3

TO DEFEND ITSELF from an unsolicited takeover bid by Bank of Scotland, National Westminster Bank announced a major overhaul of its top management team. Page 5

FANNIE MAE's new effort to underwrite A-minus loans is being greeted with mixed emotions by companies that are already lending to borrowers with slightly impaired credit. Page 16

CAPITOL BANCORP of Lansing, Mich., is looking to duplicate the success it has had inArizona in other high-growth markets in the West. Page 18

THE FED, once the most secretive of institutions, is grappling with the impact of its efforts to be more open about monetary policy. A committee led by Fed Vice Chairman Roger W. Ferguson, appointed by its monetary policy arm, will seek a way to give markets the clearest possible direction. Page 41

THE SEC will discuss proposals to strengthen the role of outside directors on fund boards. Page 20

EQUIFAX has introduced several products and services aimed at helping lenders identify profitable and risky customers. Page 22

MOST YOUNG PEOPLE have little confidence in their money management skills and want to learn more, according to a survey. Page 26

GLOBESET, a company closely associated with SET software for Internet credit card payments, is going corporate. Page 28

FUNDTECH, a Jersey City, N.J.-based payments software vendor, said its third-quarter revenues would be down a whopping 30% from expectations. Page 30

SCANDINAVIA's largest bank has taken an important step toward letting its customers use their mobile phones to bank and invest in stocks. Page 32

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