WASHINGTON A judge involved in goodwill litigation could redefine the FDIC's power over failed institutions. Page 2 The American Bankers Association is objecting to an FDIC proposal that would require some bank directors to report personal securities transactions. Page 2 REGIONAL BANKING Gains in fee-based businesses and tight cost controls fueled improved fourth-quarter earnings at several midwestern banking companies. Page 5 MORTGAGES Countrywide Credit Industries is venturing once again into mutual funds and credit card lending. Page 7 Technology is combining with other forces to split lenders into two camps: those that sell relationships, and those that sell transactions. Page 7 INVESTMENT PRODUCTS One month after winning the right to sell insurance in Massachusetts, Bank of Boston is on the prowl for an insurance agency. Page 8 COMMUNITY BANKING Community banks on both coasts surged to record profits in the fourth quarter, as improving economies set off a wave of strong loan demand. Earnings remained strong for the typical community bank. "Right now everything is about as good as things can get," said David Stumpf, senior bank analyst at A.G. Edwards in St. Louis. Page 14 CREDIT/DEBIT/ATMs American Express' plans to cut 3,300 employees in its Travel Related Services unit will mainly target back-office card functions in overseas markets, a company spokeswoman said. Page 11 TECHNOLOGY Internet commerce will become a $7.3 billion business by 2000, and credit cards will continue to be the payment instrument of choice for items over $10, a new study found. Page 12 CORPORATE FINANCE Raytheon's $9.5 billion acquisition of General Motors' Hughes Aircraft division is expected to generate a $7 billion to $10 billion interim bank facility later this quarter, market sources say. Page 21 MARKET MONITOR As banks begin to replace other forms of capital with trust-preferred securities, ratings agencies may take a closer look at their capital structures. Page 22 Investors are shrugging off the caution flag Moody's Investors Service raised when it said skyrocketing delinquencies might prompt it to downgrade a Banc One credit card backed security. Back page
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