WASHINGTON
FDIC Chairman Ricki Helfer exhorted bankers attending the IBAA convention in Las Vegas to support legislation capitalizing the thrift insurance fund. Page 2
Thrifts earned a record $5.4 billion last year, the OTS reported. The number of problem thrifts shrank by nearly one-quarter, to 41, and their losses plunged $1 billion, to $675 million. Page 3
REGIONAL BANKING
TOP EXECUTIVES from Chemical, Great Western, and Wachovia talked up their companies most promising initiatives at Los Angeles conference. Chemical vice chairman William B. Harrison Jr. focused on wholesale banking opportunities presented by the pending merger with Chase Manhattan. Page 4
Two lawyers offer pointers on safely issuing public forecasts from the harbor a new law provides from investor lawsuits. Page 5
COMMUNITY BANKING
The former chairman of a California bank, his wife, and his brother have agreed to banishment from the industry and fines of more than $200,000. Page 6
The Mille Lacs Band of Ojibwe Indians in central Minnesota may become the first Native Americans to fully own a bank holding company. Page 7
COMPLIANCE
At least five pathfinding banks have decided to sidestep the standard CRA exams by creating strategic plans for compliance. Page 8
Bankers are objecting to a Federal Reserve Board proposal that would force lenders to run several credit-scoring tests before rejecting a loan application from an older customer. Page 9
INVESTMENT PRODUCTS
Sign of the times: In the past five months, equity funds accounted for 57% of Putnam Investments' mutual fund sales through banks. Bond funds used to predominate. Page 12
Real estate broker Stanley Rydzik is courting private banks. He figures they'd like to connect with the sort of foreigners who'd qualify for loans to buy the $6 million "estates" he's trying to sell in the New York suburbs. Page 12
MORTGAGES
Countrywide Credit said strong originations pushed its servicing portfolio to $137 billion in February, up 21% from a year earlier. Page 10
Regulators had to fend off criticism from Democrats as well as Republicans at a Senate subcommittee hearing on Fannie Mae and Freddie Mac. Page 11
TECHNOLOGY
A hardware problem at a Wachovia processing center disrupted automated clearing house services for nearly six days in Georgia, North Carolina, and South Carolina. Page 18
A start-up software company has introduced a computer program meant to make it easier for bankers to use SEC filings downloaded from the Internet. Page 18
CREDIT/DEBIT/ATMs
In otherwise dismal market for banking jobs, demand is heavy for backgrounds in smart cards and electronic commerce. Citibank has hired an executive search firm to help fill two key posts. Page 14
American Express hired a card and processing veteran to lead its card acceptance efforts abroad. Page 15 FINANCE The rival Chicago Mercantile Exchange and the Chicago Board of Trade are considering changes in trading procedures that could clear the way for a merger. Page 22
The Financial Accounting Standards Board will huddle again over a key rule on derivatives accounting after a draft won only lukewarm support. Back page
