WASHINGTON Industry officials and bankers say recently proposed rules for banks that electronically process federal tax payments would be too burdensome. Page 2 COMMUNITY BANKING A Southern California bank, under fire from well-known activist Michael Price and other investors, is making it more difficult for dissidents to put their agenda before other shareholders. Page 6 MORTGAGES BankAmerica's top mortgage strategist discusses how his recent promotion to executive vice president is a sign that the bank sees active management of its portfolio as vital. Page 7 A Denver insurance company is suing Prudential Insurance Company of America, alleging deceit in connection with part of a $552 million issue of mortgage securities. Page 7 REGIONAL BANKING The president of National City reaffirmed his decision to take an early retirement at 55 in what his boss said was a surprise announcement. Page 4 Golden West Financial, which long shunned ATMs, had a change of heart. The Oakland, Calif., thrift is installing about 240 ATMs throughout its seven- state branch network. Analysts said the move, under co-CEO Marion O. Sandler, is an attempt to attract cheaper demand deposits. Page 4 INTERNATIONAL Fresh bank lending in emerging markets fell 17% last year, to $65 billion, as many potential borrowers moved back into the bond and equity markets, the Institute of International Finance said. Page 8 KeyCorp struck an agreement with a British bank to provide trade-related banking services to KeyCorp customers doing business in Asia. Page 9 INVESTMENT PRODUCTS Third-party marketers that run investment product programs for banks will concentrate on community banks and insurance products this year. Page 10 Deutsche Bank North America plans to empty out its CountryBaskets Index Fund, a previously vaunted series of international indexes. Page 11 TECHNOLOGY ON-LINE BANKING: The debate over controversial data encryption technology is still undecided. Page 14 THE MERCURY MESS Bank of Boston expects to find a new buyer for its auto finance unit and remains open to one "who would give us a stake in another company," a spokeswoman said. Back page MARKET MONITOR Ocwen Financial shares surged on news that it won $850 million in subperforming loans in a HUD auction. Back page
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In