Today's News

August 26, 1997, 1:00 a.m. EDT 1 Min Read

REGIONAL BANKING

Telecommuting is becoming an increasingly popular option at major banking companies. Page 4

Regions Financial of Alabama is entering South Carolina with a deal to buy one-branch Greenville Financial. Page 4

COMMUNITY BANKING

With the stock market surging, mutual thrifts are finding the inability to offer stock options an increasingly serious obstacle to hiring and keeping employees. Page 6

MORTGAGES

BankAmerica and Great Western face a potential class action by California homeowners who allege the two failed to live up to their end of thousands of mortgage agreements. Page 8

Mixstar, a company that provides information to mortgage lenders over the Internet, retained a mortgage investment banking firm to advise it on a sale. Page 9

WASHINGTON

The House and Senate banking committees will delve into a variety of issues ranging from electronic commerce to financial modernization after Congress returns from its August recess next week. Rep. Marge Roukema will hold the first in a series of hearings on debit cards and Internet commerce Sept. 18. Page 2

INVESTMENT PRODUCTS

INSURANCE: First Chicago NBD will launch a proprietary fixed annuity product by yearend. Page 12

CORPORATE FINANCE

CIBC Wood Gundy will bring to market a $300 million loan for a Czech aircraft builder. Page 13

Citicorp Securities has established a research group that will cover the syndications market. Page 13

TECHNOLOGY

VISA interactive, after protracted negotiations, was sold to Integrion Financial Network. Page 14

CREDIT/DEBIT/ATMs

Concerns over credit quality have driven down the prices of credit card portfolios this year. Page 16

All Banc One's automated teller machines in Illinois will soon operate within the Cash Station network, ending a relationship with Magic Line. Page 16

MARKET MONITOR

SHARES of Banc One, which have languished since the company agreed to buy First USA, are poised to rally, a Dillon Read analyst says. Back page

Household International is about to become a player in subprime auto lending. Back page

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TRENDING

Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

4h ago
Earnings

Citizens reports fast progress in building its private bank

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

By Allissa Kline

4h ago
Earnings

'Higher-for-longer' hits U.S. Bancorp as funding costs stay elevated

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

By John Reosti

6h ago

MORE FROM AMERICAN BANKER

Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

4h ago
Earnings

Citizens reports fast progress in building its private bank

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

By Allissa Kline

4h ago
Earnings

'Higher-for-longer' hits U.S. Bancorp as funding costs stay elevated

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

By John Reosti

6h ago
Regulation and compliance

CFPB makes structural changes after expanding authority over nonbanks

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

By Kate Berry

7h ago
Consumer banking

First Horizon bucks trend as deposit costs slow

Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.

By Polo Rocha

7h ago
Payments

Klarna turns a BNPL track record into a creditworthiness benchmark

U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.

By Kate Fitzgerald

8h ago