MORE U.S. banks will use credit derivatives to hedge risk as soon as regulatory requirements for capital allocation, accounting, and tax treatment are clarified, industry sources said. Page 4

FIRST CHICAGO NBD will refer all its master trust and institutional custody business to crosstown competitor Northern Trust, under a "preferred provider" agreement. Page 4


AFTER JOINING MasterCard 15 months ago, U.S. region president Alan J. Heuer "went around talking to people," he recalled, and he "consistently heard one thing: Fix Europe." It made him an avid supporter of the campaign that culminated in a comprehensive alliance with MasterCard's European marketing partner, Europay International. Page 14


A BEVERLY HILLS bank is planning its second recapitalization in less than three years. First Charter will issue a new series of noncumulative convertible preferred stock, increasing its capital by about $4 million. Page 6

DESPITE RECEIVING eight straight failing community reinivestment grades from federal regulators, the president of a small bank in Wyoming has no intention of making changes. Page 6


ON-LINE BANKING: Commerce on the World Wide Web is growing and increasingly attracting a "mainstream" clientele, according to a survey. Page 7


THROUGH two new products, bankers can learn the ins and outs of revised Bank Secrecy Act regulations - a major source of consternation at recent compliance conferences and seminars. Page 8

BANKS TRYING to unload foreclosed properties must comply with a new lead-based paint disclosure rule that begins phasing in next month. Page 9


LIKENING the flood of new companies into the home equity and consumer finance businesses to the rush to compete for subprime auto financing, veteran lender R. Harold Owens says the fledglings are "just asking for trouble." Page 12

TO EXPAND its wholesale reach, BankAmerica Mortgage has set up shop in Phoenix and is working with mortgage brokers in Arizona. Page 13


ANALYSTS are adjusting their ratings on NationsBank, saying the stock may have reached a plateau after a recent price surge. Page 20

AFTER PAYING several hundred dollars, struggling through months of preparation, and suffering through four hours of arcane questions, 127 people who recently took a Certified Cash Manager's exam have learned the results have been voided. Page 20

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