TECHNOLOGY: MATTHEW P. LAWLOR, chief executive of Online Resources and Communications, says the hiring of Michael Heath as president and chief operating officer will help the growing screen-telephone maker manage product development and marketing better as it expands in interactive services. Page 16 HARBINGER EDI Services, a worldwide provider of electronic data interchange services, has created a unit to focus on developing services for the Internet. Page 17 WASHINGTON: TAKING AIM at a key bank loan product, President Clinton's 1996 budget calls for the government to take over the entire student loan program by 1997. Page 2 TO STRETCH its lending authority, the Small Business Administration is proposing a new fee structure that is expected to hurt the profits of large banks. Page 2 REGIONAL BANKING: THE INTERNAL REVENUE Service's decision to stop indicating whether customers are entitled to claimed tax refunds used to collateralize loans is causing some banks to quit the business. Page 5 J.P. MORGAN & Co. will trim 100 professional and back-office jobs from its London operations as part of a move to cut worldwide operating expenses by an unspecified amount in 1995. Page 5 COMMUNITY BANKING: A NEBRASKA legislative proposal that would exempt credit unions from a state financial institutions tax and greatly expand their reach has angered the state's bankers. Page 7 RIGGS NATIONAL Corp. of Washington, D.C., was given a "needs to improve" rating by federal examiners under the Community Reinvestment Act for its performance during the past two years. Page 8 MORTGAGES: AMERICAN EXPRESS has hired Prudential Home Mortgage to market residential loans to its credit card holders in a deal likely to be a landmark in the shift of financial services toward nonbanks. Page 9 SMALL BUSINESS: THE DRACONIAN budget cuts facing the Small Business Administration have prompted some lenders - arguing that such credits do little for the economy - to ask whether the agency should continue guaranteeing real estate loans. Page 14 OREGON's small business loan program is easier to use and better than those offered by the U.S. Small Business Administration, bankers say. Page 15 INVESTMENT PRODUCTS: THE LAUGHLIN GROUP of Companies is kicking off an ambitious plan to market life insurance to banks' corporate and individual clients. Page 18 Marshall N. Carter, chairman of State Street Boston Corp., says the new unit that oversees its institutional money management, personal trust, and defined contribution retirement services should "grow at a rate of 30% annually through the end of the decade." Page 19 CREDIT/DEBIT/ATMs: VERIFONE, the leading supplier of transaction authorization systems, said it has delivered its four millionth unit, a Tranz 380 terminal to a ClubHouse Inn in Kansas City, Mo. Page 11 THE MEXICAN financial crisis does not appear to have discouraged U.S. companies seeking to export their credit expertise. Page 11 FINANCE: PROCTER & GAMBLE has amended its lawsuit against Bankers Trust New York Corp. to include a second derivatives transaction, involving German marks. Back page

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.