INVESTMENT PRODUCTS:

ALPS MUTUAL FUND Services stands apart from the rush to sign up as many banks as possible. It wants only one per region, says president Arthur J.L. Lucey. And as for developing its own mutual funds, "we don't have them and we never will." Page 6

WESTPORT BANK and Trust in Connecticut has teamed up with an investment firm to offer tailored stock and bond portfolios to its trust clients. Page 6

WASHINGTON:

THE $1.5 BILLION tab facing banks with thrift deposits as Congress bails out the Savings Association Insurance Fund has become a focal point for many members of the congressional banking committees. Page 2

THE OCC is changing the way it examines national banks, by categorizing risk nine ways. In addition to credit risk, examiners will look at rate, liquidity, price, foreign exchange, transaction, compliance, strategic, and reputation risk. Page 3

COMMUNITY BANKING:

TWO BANKS in Manchester, N.H., have found a way to boost funding for legal services to the poor, and they've picked up a few law firms as clients in the bargain.

Page 13

MORTGAGES:

AS BANKS push into subprime mortgage lending, they are opting to run the programs as separate business units. Page 14

MARC SMITH said congressional moves on housing matters will be at the top of the agenda of the Mortgage Bankers Association when he becomes its vice president. Page 14

TECHNOLOGY:

COMMUNITY BANKS - eager to ride the home banking wave of their larger counterparts - dominated the recent Electronic Money and Banking Forum in Dallas. Page 15

U.S. ORDER, a screen phone pioneer, has taken its first steps into the PC-based banking business by agreeing to take a 40% stake in a firm that develops interactive financial applications for banks and their customers. Page 17

CREDIT/DEBIT/ATMs:

LAST WEEK's Smart Card Forum conference included a progress report on the Visa Cash chip card that is scheduled to be distributed in Atlanta starting this fall. Page 8

THE CARD industry's hardware and software providers unveiled some of their most interesting products at the American Bankers Association conference this month. Page 9

FINANCE:

BURIED DEEP within a draft accounting rule that the Financial Accounting Standards Board is considering is a requirement that could increase banks' reliance on derivatives. Back page

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