Investors tumbled down a bumpy hill as mortgages underperformed 10-year Treasuries and lenders braced for a surge of refinancing activity. Page 4


even as financial woes roil Japan's markets, U.S. investment firms are swarming into the country. Page 6


Declining oil prices could lead to more loan delinquencies at Gulf Coast community banks, the FDIC warned in a recent report. Page 8


In a bid to deepen its ties to an increasingly powerful minority group, NationsBank is launching efforts to woo Hispanics as it prepares to merge with BankAmerica. Page 12


Nine of the Federal Reserve's 12 districts reported loan demand increased during April and May, according to a report released Wednesday. Page 25


Warning that banks are increasingly vulnerable to fraud, the acting comptroller said more time and money must be spent on internal controls and audit. "Where internal controls go awry," Julie L. Williams says, "fraud can fester undetected, with possibly disastrous and certainly expensive consequences for the bank." Page 3

The banking industry blew it by refusing tocompromise on financial reform, the House Republican Conference chairman says. Page 2


ON-LINE BANKING: Battle lines are being drawn in the emerging bill presentment market, as the promoters of various approaches round up big- name supporters. Page 14


Despite losing First Union's credit card processing business to First Data, Electronic Data Systems' goal is to be the No. 1 global card processor. Page 16

American Express formed marketing partnerships with three European banks. Page 17


Bank stocks joined a broad market rally fueled by the Clinton administration's decision to support the faltering Japanese yen by selling about $4 billion in thecurrency markets. Back page


BankAmerica will use its upcoming merger with NationsBank to expand equity underwriting and other activities in Europe. Page 10

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