WASHINGTON: FED CHAIRMAN Alan Greenspan on Wednesday signaled that the central bank may raise interest rates for the seventh time in 12 months when its policymaking committee meets next week. Page 2 A BILL that aims to offer $40 billion in loan guarantees to boost the weakened peso may also serve to open Mexican financial markets to U.S. banks. Page 2 REGIONAL BANKING: NEW BRANCH openings are rare these days, so First Union Corp.'s recent announcement that it would build three in Nashville appears worthy of note. Page 4 GLASS-STEAGALL repeal should be accompanied by repeal of the Bank Holding Company Act, says William M. Isaac. Page 6 COMMUNITY BANKING: UNITED CAROLINA Bancshares eliminated 16% of its work force and 15 of 144 branches to become more efficient. To implement the program, the company spent $10.6 million last quarter and took a one-time 63% hit to earnings. Page 8 COMPLIANCE: WHILE CRA is hotly debated, banks are still being examined under the law. But some examiners are using the proposed rules, some the current rules, and some a concoction of their own. Page 10 FOREIGN BANKS in the United States have a new performance rating system that is similar to U.S. banks' Camel ratings. Page 11 INVESTMENT PRODUCTS: FORTIS FINANCIAL has snared a senior executive from the Colonial Group to oversee expansion into banks, thrifts, and independent brokerages. Page 13 CHASE MANHATTAN will add three international funds to its Vista family. Page 13 CREDIT/DEBIT/ATMs: EQUIFAX INC. said 1994 was the most profitable year in its 95-year history as it made further progress with diversification. Page 17 TECHNOLOGY: TWO TRADE GROUPS want modifications to a proposed amendment that would set rules for future government participation in the automated clearing house. Page 18 MORTGAGES: FANNIE MAE widened its lead in market share over rival Freddie Mac in 1994, amid fierce competition for adjustable-rate mortgages. Page 14 COUNTRYWIDE Credit Industries has launched a unit to enter into joint ventures with real estate companies to originate loans. Page 14 FINANCE: CHEMICAL BANK has won the mandate to lead $1.15 billion of financing for New Orleans-based Freeport McMoRan Inc. Page 24 MICHIGAN NATIONAL's stock surged for the second day amid rumors that the company's chief executive and financial officers, who have fought for the bank's independence, would resign. Page 24
Save $400 off your subscription. Special offer ends April 30, 2017.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In