WASHINGTON: GLASS-STEAGALL legislation sponsored by House Banking Committee Chairman Jim Leach unfairly limits securities firms, says the head of the Securities and Exchange Commission. Page 2 THE MASSIVE influx of freshman Republicans onto the House Banking Committee has propelled Rep. Spencer Bachus from 17th in seniority to chairmanship of the oversight subcommittee. Page 3 REGIONAL BANKING: BANK OF BOSTON and Citicorp are likely to benefit from a flight to quality in Argentina as depositors in that country grow more concerned about the stability of banks there, analysts say. Page 4 RESPONDING to the Connecticut governor's complaints about job losses resulting from its merger with Shawmut National, Fleet Financial Group said it would open a telephone banking center and place a New York City-based business unit in Connecticut. Page 5 COMMUNITY BANKING: A LONG ISLAND banking company and a realty trust firm are suing Donaldson, Lufkin & Jenrette for $175 million for allegedly deceiving them into investing $8.6 million in faulty mortgage-backed securities. Page 6 REDFED BANCORP hopes vulture real estate investors give its problem-loan portfolio a good picking over. Officials of the Redlands, Calif., thrift say a bulk sale of most of its bum multifamily credits will restore it to profitability. Page 7 COMPLIANCE: PHILLIPS G. GAY Jr. finds a revenue source in compliance as well as an obligation. As chief compliance officer at Florida's Bank of North America, he has set up a side business for the bank in compliance consulting. Page 8 WHILE LARGE BANKS are taking advantage of new rules that let banks offer discounts when customers buy more than one product or service, small banks are holding back. Page 9 MORTGAGES: PRICING AND RISK concerns regarding adjustable-rate mortgages by the large western thrifts may have been overplayed, says a top thrift regulator. Page 10 SIGNALING A NEW selectivity on affinity deals, mortgage banks that lend on behalf of trade and professional groups have turned down the chance to originate loans for Pricecostco, the huge nationwide retail outfit. Page 11 INVESTMENT PRODUCTS: DON'T SCARE OFF the customers when mining data about them, writes Jeffrey R. Weisman, a direct-marketing consultant. Page 13 CREDIT/DEBIT/ATMs: 'MAD AS HELL' describes supermarket executives being charged debit card fees by bank-owned funds transfer networks. These executives realize, though, they may have little choice but to pay. Page 14 TECHNOLOGY: PNC BANK CORP. has added needed volume to a recently launched payment system by joining the EDI Bank Alliance Network Exchange, or Edibanx. Page 16 PROLIFERATION of derivatives has turned bankers' attention to the technology of risk management. And experts in the field say computerized management tools are equal to the challenges reflected in the recent Barings failure. Page 18 FINANCE: HIRING an environmental "professional" without adequate attention to credentials is an error made by too many bankers, writes Helen I. Hodges. The mistake is often compounded by accepting assurances, after just a cursory assessment, that there is no environmental problem. Page 22
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