Panel Continues Work on Reform
Lawmakers hammering out the final version of financial reform legislation met Monday afternoon and rejected two insurance-related amendments in early voting. (See story on page 2.) More controversial votes were expected Monday night on provisions affecting consumer financial privacy and the Community Reinvestment Act.
For updates on House-Senate conference committee action, please visit our Web site at www.americanbanker.com.
HIGH-RANKING EXECUTIVES can be a resource for recruiting, but banks generally use them too little, says a Chicago headhunter. Page 5
THE MORTGAGE subsidiaries of Texas-based FirstCity have filed for Chapter 11 protection. Page 6
THE CHIEF EXECUTIVE of Bay View Capital in San Mateo, Calif., says his $6 billion-asset company may become a takeover target. Page 10
INSURANCE: Banks are growing more interested in debt cancellation contracts -- and so are insurance regulators. Page 11
ALLIANCE CAPITAL is emphasizing service as it tries to make it into the top three mutual fund companies selling through banks. Page 12
FANNIE MAE stepped up to the plate to buy more affordable-housing loans from bankers, but Wall Street doubts banks will pitch them many new loans. Page 14
A GMAC subsidiary is eyeing expansion to Japan, where the contraction in the banking system may have created new opportunity. Page 15
CERTICOM, which has been aspiring to major-league status among suppliers of information security technology, has taken some important steps in that direction. Page 16
DISCOVER is asking government agencies from local to federal levels to allow consumers to pay their taxes using its card. Page 19
HISTORY SUGGESTS the Federal Reserve will not send interest rates significantly higher, according to a study by a bank economist. Page 26
BANK STOCKS staged a comeback, boosted primarily by upbeat third-quarter earnings reports. Back page