The Senate Banking Committee today is expected to begin debating legislation that would allow banks to offer interest on business checking accounts and roll back more than 40 other industry regulations. Page 2


Union Bank of California is doing an about-face on ATM surcharging. Page 4


A borrower has filed a class action against Bank West of Walker, Mich., alleging the thrift's mortgage document preparation fees are illegal. Page 7


Like a rising tide that lifts all boats, the surging stock market has caused a boomlet in the once sleepy business of equity unit investment trusts. Page 10


ON-LINE BANKING: Principal Financial Group, one of 14 insurance firms with a thrift charter, announced it has amassed 1,000 deposit accounts in a virtual bank it launched in April. Page 12


Canadian Imperial Bank of Commerce expects to have remote banking centers in 133 Canadian supermarkets by the end of October through a joint venture with a leading chain. Page 13


Citibank launched a companion credit card to Driver's Edge, the product it introduced seven months ago to succeed the Ford Citibank cobranded card. Page 17


Mergers and acquisitions activity and a boom in refinancings spurred the syndicated loan market to record volumes since the mid-1990s. But in the first half of 1998, only $112 billion of syndicated loans were refinanced, compared with $204 billion a year earlier, according to Loan Pricing Corp. Page 25


H.F. Ahmanson chairman and chief executive Charles R. Rinehart collected 56% more in compensation in 1997 to $4.7 million in salary, bonus, and long-term payouts. Back page


U.S. banks have slashed their exposure to Asian emerging markets this year, while upping the ante in other developing regions, according to a report. Page 9

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