WASHINGTON: REP. BILL McCOLLUM is expected to introduce a bill this week that would place a three-year limit on a borrower's right to back out of mortgage contracts. Page 2 MORE WORK is in store for bank lobbyists since adoption of a section of the Republican "Contract with America" that prohibits proxy voting. Now, lobbyists must make sure members of Congress actually show up to cast votes they've promised. Page 3 REGIONAL BANKING: DIVESTING $3 billion of deposits in the course of Fleet Financial Group's plan to acquire Shawmut National may silence antitrust concerns, but it also will throw a lot of "product" on the New England merger market, driving down prices, analysts say. Page 5 COMMUNITY BANKING: COMMERCE BANCORP's ambitious expansion strategy, designed to double its network in five years, could run into a roadblock in Philadelphia, where a coalition of community groups has vowed to block each proposed branch site until the bank improves its lending record. Page 6 AN INDIANA START-UP, National Bank of Indianapolis, raised a hefty $14 million in initial capital and has amassed about $60 million of assets in its first 14 months of operation. Now, it is shooting for $100 million of assets by yearend. Page 6 INVESTMENT PRODUCTS: WHEN THE WAVE of consolidations hits bank-managed mutual funds, Union Bank of San Francisco plans to be on the buying side. Page 8 UJB FINANCIAL and SunAmerica have scuttled plans to launch a family of proprietary annuities after crossing swords over how to make the products profitable. Page 9 MORTGAGES: THRIFTS SOLD far fewer mortgages into the secondary market last year, according to a survey by America's Community Bankers, indicating their eagerness to hold on to adjustable-rate loans. Page 10 OUTREACH PROGRAMS for low-income lending have prompted many lenders to work through realty agents or mortgage brokers, says an executive of a California wholesale lender. Page 11 TECHNOLOGY: RISING DEMAND from cash management clients for financial electronic data interchange services has sent top EDI software vendors scrambling to meet the needs of their banking clients. Page 12 TOP LENDERS and mortgage associations have signed up for an on-line mortgage information exchange service that uses America Online, a popular interactive data network. Page 14 CREDIT/DEBIT/ATMs: IN HEATED BIDDING, NationsBank and its subcontractor, Nabanco, were chosen by the U.S. Postal Service to process credit and debit card transactions and to install 50,000 card-accepting terminals in post offices. Page 17 FINANCE: PUBLICITY over huge losses by the likes of Procter & Gamble has not dissuaded corporations from using derivatives, although the appeal of plain-vanilla instruments has risen, a survey found. Page 22 DUFF & PHELPS upgraded debt ratings on Chemical Banking Corp., citing its planned expense reductions. The move affects roughly $12 billion of debt at the New York money-center and its subsidiaries. Back page
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