WASHINGTON

The Senate began debating the credit union bill, focusing primarily on CRA requirements for the nonprofit institutions as well as banks. Page 2

The chairwoman of the Commodity Futures Trading Commission promised to put off regulation of swaps until January, but other financial regulators insisted on a longer delay. Page 2

COMMUNITY

A group of Houston investors are starting a bank that would serve high- income customers by courier-not traditional branches. Page 7

Preferred Bank of Los Angeles has postponed its $20 million public offering. Page 13

MORTGAGES

Delta Financial took a $15.7 million charge to earnings, making it the latest and perhaps one of the last subprime lenders to take a hit for rising prepayment speeds. Page 9

REGIONAL

TCF Financial, an active buyer of banks and thrifts for a decade, is turning from mergers to supermarket branching. "At these prices," says TCF chairman and CEO William A. Cooper, branch "expansion has a much higher rate of return than acquisitions." Page 4

TECHNOLOGY

Jack Henry & Associates is among a handful of technology vendors profiting from an unusually high demand for core processing systems in connection with the year-2000 problem. Page 10

INVESTMENT PRODUCTS

Two former executives of PrimeVest Financial Services are about to start an investment products marketing firm, Fintegra, in Minneapolis. Page 12

Sound Capital Partners, Seattle, a fledgling money management boutique founded by six former BankAmerica professionals, got an injection of capital from a Chicago company. Page 12

CORPORATE FINANCE

July has been a tough month for the high-yield bond market overall, but observers say the shipping sector has been unusually hard hit. Page 24

MARKET MONITOR

A large Hedge fund is amassing more shares in Bay View Capital Corp. Page 13

The changes at merging companies are leading to earnings reports that some analysts and investors are labeling "indecipherable." Page 25

No serious slump can occur with unemployment so low, right? Wrong, says one economist; look at those consumer debt numbers. Page 25

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