American Banker articles from November 2003

American Banker archives from November 2003

Agreement, Almost, on SBA Loans as Collateral.(between Small Business Administration and the Federal Home Loan Bank of San Francisco )
November 3, 2003... The Small Business Administration and the Federal Home Loan Bank of San Francisco agree that Home Loan banks should accept SBA-guaranteed loans as collateral for advances, but they cannot seem to agree on how. Only a few Home Loan banks let...

A Midtier Vying With Giants in Agent Banking.(Fifth Third Bancorp )
November 3, 2003... Most small and midsize banks are not in the agent bank card market for the same reason many do not issue credit cards in the first place: Both are scale-driven businesses where the largest players benefit most. Though credit unions and...

In Face of Doubters, InterCept Chief Wants to Go Private.(John Collins)
November 3, 2003... A year of operational and financial woes have hammered InterCept Inc.'s stock, leading some outsiders to wonder if the company will have to sell itself off in pieces. Its chief executive has another idea: Keep it intact and take it...

Speed a Top Priority in B of A/Fleet Integration.(Bank of America Corp.
November 3, 2003... As Bank of America Corp. sets the schedule for melding FleetBoston Financial Corp.'s operations with its own, hitting the ambitious cost-cutting goals it hopes to achieve will require it to accomplish the integration quickly. Though B of A...

Why Treasury Pushing Hard On GSE Fix.(reforming the housing government-sponsored enterprises)
November 3, 2003... The disclosure last week by Fannie Mae of computational errors in its third-quarter financial statements will probably reinforce the Bush administration's hard line on reforming the housing government-sponsored enterprises. Sources...

Executive Changes.(Brief Article)
November 3, 2003... NEW ENGLAND Hartford Financial Services Group Inc. of Connecticut has hired a longtime communications expert and a former White House executive to lead its media relations team. Joshua A. King, who has also been named a vice president,...

Washington People.(politics of the Fair Credit Reporting Act)
November 3, 2003... From Recall to FCRA The debate over updating the Fair Credit Reporting Act is drawing some big names. Consumer advocates last week tried to enlist the muscle of California Governor-elect Arnold Schwarzenegger, who spent Wednesday on...

In Brief: OTS Issues Opinion on N.Y. Escrow Rule.(Office of Thrift Supervision has issued an opinion that a New York State requirement for interest payments on escrow accounts does not apply to federally chartered thrif)(Brief Article)
November 3, 2003... The Office of Thrift Supervision has issued an opinion that a New York State requirement for interest payments on escrow accounts does not apply to federally chartered thrifts. The Oct. 6 opinion was released last week in response to a...

In Brief: Supervisor Group Conference Set to Go.(Conference of State Bank Supervisors State Banking and Leadership Conference)(Brief Article)
November 3, 2003... The Conference of State Bank Supervisors kicks off its State Banking and Leadership Conference in Washington on Wednesday. Topics will include expanded powers for state-chartered banks and federal preemption. The two-day event will feature...

In Brief: Collateral Appraisal Tips from Agencies.(federal regulating agencies)(Brief Article)
November 3, 2003... Five federal agencies have issued guidance on how banks, thrifts, and credit unions should appraise collateral. The agencies -- which included the Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union...

In Brief: GAO: Infighting Mars Launder Policy.(General Accounting Office study says federal officials' squabbling over the National Money Laundering Strategy have rendered the plan useless)(Brief Article)
November 3, 2003... A General Accounting Office study released last week said federal officials' squabbling over the National Money Laundering Strategy rendered the plan useless. The strategy is an annual priority statement required by federal law to help...

Corporate Community: Area Banks Helping Victims of Fires in Southern California.
November 3, 2003... Southern California banks are bracing for an onslaught of aid requests from victims of the wildfires that already are the nation's most destructive natural disaster in years. At press time fires in five counties -- in an area bigger than...

In Brief: Atlantic Branches in Colo., N.M.(Atlantic States Bank planning Colorado and New Mexico branches)(Brief Article)
November 3, 2003... Continuing its expansion into fast-growing western cities, Atlantic States Bank of Fort Myers, Fla., said it plans to open branches next year in Denver and Santa Fe, N.M., under its IronStone Bank brand. Atlantic, a subsidiary of the $12...

In Brief: Centrue of Ill. to Acquire Parish.(Centrue Financial Corp., Parish Bank and Trust )(Brief Article)
November 3, 2003... Centrue Financial Corp., a newly created bank holding company in Kankakee, Ill., plans to acquire the $20 million-asset Parish Bank and Trust in Momence. The deal, announced Wednesday and expected to close in the first quarter, would be...

In Brief: Board Spat Hits Pittsburgh's GA.(GA Financial Inc. 3rd-quarter earnings)(Brief Article)
November 3, 2003... GA Financial Inc. of Pittsburgh announced Friday that its third-quarter earnings fell 6% year over year, to $1.7 million. Earnings were hurt by a $123,000 charge in connection with the contested election of directors at its annual meeting,...

Western Union Sends Alerts on Settlement.(consumers in more than 80 countries may be eligible for discount vouchers on future money transfers as a result of a preliminary class-action settlement)
November 3, 2003... The Western Union subsidiary of First Data Corp. has been alerting consumers in more than 80 countries that they may be eligible for discount vouchers on future money transfers as a result of a preliminary class-action settlement. The suit...

Will Fleet Premium' Raise The Bar for Other Deals?(Bank of America Corp. acquisition of FleetBoston Financial Corp.)
November 3, 2003... Has a new era of big-premium bank mergers begun? Wall Street pondered the question as it looked back at last week's surprise $47 billion deal between Bank of America Corp. and FleetBoston Financial Corp. The price is a 43% premium to the...

Acordia CEO: Five Latest Deals Won't Be the Last.(insurance agency acquisition campaign)
November 3, 2003... Acordia Inc.'s agency acquisition campaign remains in high gear as the announcement last week of an addition to its Cleveland agency roster showed. A month after it closed agency deals in Houston, Omaha, and Bala Cynwyd, Pa., the largest...

Managed Accounts Up 3% In 3Q; Banks Added Share.
November 3, 2003... Assets in separately managed accounts grew slightly during the third quarter as investment companies continued to ramp up their interest in the product. Data issued Wednesday by the Money Management Institute said that assets in the...

Sept. Exchange-Traded Fund Assets Up.(Brief Article)
November 3, 2003... Assets held in exchange-traded funds grew 2.1% in September, according to data released Friday by the Investment Company Institute. Aggregate assets in exchange-traded funds were $119.75 billion at Sept. 30, the institute said. The...

In Brief: B of A to Use Software from S1.(Bank of America Corp.)
November 3, 2003... Bank of America Corp. has licensed corporate banking software and enterprise integration middleware from S1 Corp. The Atlanta vendor announced the contract on Thursday, the same day it reported a smaller-than-expected loss for the third...

In Brief: Harland Sales Up, Profits Down.(John H. Harland Co. 3rd-quarter earnings )(Brief Article)
November 3, 2003... Strong software sales did not offset declines in printed product sales and profits at John H. Harland Co. The Atlanta check printer reported last week that its third-quarter profit fell 8% from a year earlier, to $14.7 million, or 52 cents...

In Brief: Corillian Getting a New CFO.(Paul Wilde )(Brief Article)
November 3, 2003... Corillian Corp. announced Thursday that Paul Wilde will become its chief financial officer on Nov. 14, succeeding the departing Steve Sipowicz. Mr. Wilde has more than 25 years of experience, most recently as the chief executive officer of...

Dumping Fannie a Strong Statement by Freddie.(Freddie Mac planning to sell Fannie Mae mortgage securities)
November 3, 2003... Freddie Mac signaled that it will go to great lengths to shore up its own paper when it took the unusual step of announcing it would sell its rivals' mortgage securities, analysts said. By making public the effort to unload mortgage-backeds...

Stopping Predators Without Hindering Legitimate Lending.(Editorial)
November 3, 2003... Unfair and abusive practices do occur in the nonprime mortgage market, and they must be stopped. Many such abuses, typically referred to as "predatory lending," involve fraud and other conduct already prohibited by law. Tougher enforcement...

SunTrust Downgraded Over Rumor-Driven Stock Spike.
November 3, 2003... After Bank of America Corp. announced its deal for FleetBoston Financial Corp. last week, shares of SunTrust Banks Inc. climbed on speculation that the company might be a takeover target. But now analysts say the stock has risen too high,...

In Brief: Fannie, Citi in Affordable-Housing Pact.(Fannie Mae to buy Citigroup low/moderate income home loans)(Brief Article)
November 3, 2003... Fannie Mae has agreed to buy $100 billion of home loans that Citigroup Inc. will make in the next decade to people with low or moderate income. The agreement was announced Wednesday. Citi said Sept. 22 that it would make $200 billion of...

In Brief: S-Corp Measures Clear Ways and Means.(legislation that would expand S-corporation tax status for small banks)(Brief Article)
November 3, 2003... The House Ways and Means Committee has approved legislation that would expand S-corporation tax status for small banks. Six provisions related to S-corporations, which avoid corporate taxes by passing the burden along to shareholders, were...

In Brief: Legg Mason Sees Value in Fleet Shares.(FleetBoston Financial Corp.)(Brief Article)
November 3, 2003... Chris Mutascio, a Legg Mason Inc. analyst, has upgraded FleetBoston Financial Corp.'s stock to "buy," from "hold," in part because it is trading at a discount to what Bank of America Corp. has agreed to pay for Fleet. Mr. Mutascio also...

In Brief: Speculation Drives Small-Thrift Stocks Up.(Brief Article)
November 3, 2003... Bank stocks closed in line with the market Friday. Trading was "very slow," said Geoffrey Hodgson, the head trader at FIG Partners LLC in Atlanta. "It was almost as if Halloween was a national holiday." The American Banker index of 225...

Make It 10: Fiserv Rolls Along In FHLB Processing Purchases.(Federal Home Loan Banks)
November 4, 2003... Over the past decade or so every Federal Home Loan Bank with a check-processing services arm has sold it off. In nearly every case, Fiserv Inc. has directly or indirectly come away as the buyer. On Monday it added one of the few exceptions,...

Provident's D.C.-Area Push Adds $330M Deal.(Provident Bankshares Corp. to buy Southern Financial Corp.)
November 4, 2003... Provident Bankshares Corp., which had been slowly ramping up in the Washington suburbs, accelerated that effort Monday when it announced it would buy Southern Financial Corp. in Warrenton, Va., for $330 million. The deal, expected to close...

Royal of Scotland-Sovereign Deal Rumors at Fever Pitch.(Royal Bank of Scotland seen as a likely buyer for Sovereign Bancorp of Philadelphia)(Brief Article)
November 4, 2003... Market talk has long held Royal Bank of Scotland as a likely buyer for Sovereign Bancorp of Philadelphia, a midsize company that would give Royal Bank's U.S. unit a huge lift in its core markets of New England, New Jersey, and Pennsylvania. ...

Will Payday Path Draw Heat to FDIC?(Federal Deposit Insurance Corp. and payday lending)
November 4, 2003... Federal Deposit Insurance Corp. Chairman Don Powell has taken his agency in a more free-market direction than other regulators when it comes to payday lending and has escaped relatively unscathed. But that may change this week. On...

Chinatrust of Taiwan Looking More Western.(Chinatrust Financial Holding Co. )
November 4, 2003... The financial system on China's mainland is getting an infusion of Western-style management and investment capital -- and so are Taiwan's banks, as the old guard at Chinatrust Financial Holding Co. Ltd. has discovered. In the last two...

Senate Politics May Hamper Passage Of FCRA Renewal.(Fair Credit Reporting Act )
November 4, 2003... The Senate was poised to approve legislation as early as today that would update the Fair Credit Reporting Act and bring it just three steps from President Bush's desk. How easy it will be for lawmakers to complete those steps --...

In Bevy of Possible Suitors, One Has OTS' OK.
November 4, 2003... The field of potential buyers for a struggling Washington thrift is getting crowded, but a tiny Maryland bank may have the inside track. Though the $245 million-asset Independence Federal Savings Bank has not officially put itself on the...

Reward Feature On AARP Card Is a Hit, Issuer Says.
November 4, 2003... Bank One Corp., which has issued affinity credit cards for AARP for 13 years, says that the rewards card the two introduced in September has proven to be the biggest draw within that product line for quite a while. Executives with the...

Bank One: Awards Keep Vendors on Their Toes.
November 4, 2003... Since taking the helm of Bank One Corp. in 2000, James Dimon has espoused the view that running technology systems in-house is better than outsourcing them. Accordingly, his bank dissolved a $2 billion outsourcing contract with divisions...

S.C.'s Capital Bank, Insurer Allied to Sell to Hispanics.
November 4, 2003... A partnership between CapitalBank and Nationwide Mutual Insurance Co. is bringing auto insurance and banking products to Hispanic customers in South Carolina. The deal combines an effort by CapitalBank and its parent, Community Capital...

Deal to Bolster Fidelity in HR.
November 4, 2003... Fidelity Investments has announced plans to buy a software development company that provides learning management systems as the fund giant looks to broaden the capabilities of its big human resources outsourcing business. The Boston...

In Brief: Business Wire's Take On Fannie 3Q Snafu.(Brief Article)
November 4, 2003... The president of Business Wire said a "misunderstanding" led to a snafu last week involving Fannie Mae's revision of certain items in its third-quarter earnings report. In an interview Friday, Cathy Baron Tamraz said no employees have been...

In Brief: Delta Does EarlyDebt Redemption.(Brief Article)
November 4, 2003... Delta Financial Corp. said it redeemed $11 million of debt early. The Woodbury, N.Y., subprime lender said in a press release Friday that it had paid off the bonds, which carried a 9.5% coupon, on Thursday. The bonds were scheduled to...

In Brief: IndyMac Profits Up More than a Third.(IndyMac Bancorporation Inc.)(Brief Article)
November 4, 2003... IndyMac Bancorp Inc. reported that its third-quarter earnings rose 34% year over year to a record $49.7 million, or 87 cents a share. The Pasadena, Calif., home lender's revenues rose 32% over the year-earlier quarter, to $199 million. ...

In Brief: N.Y.'s Independence In Warehouse Deal.(Independence Community Bank Corp. )(Brief Article)
November 4, 2003... Independence Community Bank Corp. of Brooklyn, N.Y., announced that its banking unit had agreed to buy $207 million of mortgage warehouse lines from Provident Bank of Jersey City. Independence already provides warehouse lines of credit and...

No. 2 in Subprime, New Century Aims Even Higher.(New Century Financial Corp. )
November 4, 2003... New Century Financial Corp. says its shift to a strategy of generating cash by selling whole loans continues to pay off two years later. The Irvine, Calif., company usurped Citigroup Inc.'s Citifinancial as the No. 2 subprime lender in the...

Offshore Outsourcers Say Savings Outweigh Politics.
November 4, 2003... Given the distinctly unpatriotic whiff that surrounds offshore outsourcing, its growing popularity among financial services firms seems to epitomize the ultimate triumph of the bottom line. Indeed, the chief information officers at several...

In Brief: Survey: Big-Bank C&I Loan Standards Down.(commercial and industrial loans)(Brief Article)
November 4, 2003... A Federal Reserve Board report issued Monday said some large banks are easing their standards on commercial and industrial loans. Three banks with assets of more than $20 billion each loosened their lending standards on C&I loans to large...

In Brief: Cost Measures at N.Y. Home Loan Bank.(Federal Home Loan Bank of New York)(Brief Article)
November 4, 2003... The Federal Home Loan Bank of New York said Friday that it expects to pay less in dividend payments to member banks from now on and that it will no longer give bonuses to officers and other employees. Alfred DelliBovi, the bank's president,...

In Brief: Northeast Pennsylvania Expects Losses.(Northeast Pennsylvania Financial Corp. )(Brief Article)
November 4, 2003... Northeast Pennsylvania Financial Corp. said it expects to report losses for its fiscal year because of an increase in nonperforming loans and restructuring costs associated with recent changes to top management. After the stock market...

In Brief: Rabobank to Buy Ag Services of America.(Brief Article)
November 4, 2003... Rabobank Group of the Netherlands said Monday that it had agreed to buy Ag Services of America Inc. in Cedar Falls, Iowa, for about $47 million in cash. The Iowa company is to be renamed Rabo Ag Services of America and its chief executive...

In Brief: New Consolidation Rule Rewrite from FASB.(Financial Accounting Standards Board )(Brief Article)
November 4, 2003... Friday's proposal would exempt companies from consolidating the personal trusts of their clients. That would be a relief to banks, which worry that a literal interpretation of fluctuating trustee fees from some of the trusts they administer...

Correction.(Correction Notice)
November 4, 2003... In Monday's paper, "Managed Accounts Up 3% in 3Q; Banks Added Share" on page 25 misidentified the independent Morningstar Inc. as a unit of Reuters Group PLC. An editing error was to blame. Copyright 2003 Thomson Media Inc. All Rights...

Why Check 21 Could Erase ARC's Gains.(new Check 21 law could threaten accounts receivable conversion)
November 5, 2003... Since its debut one and a half years ago, the payment method known as ARC -- accounts receivable conversion -- has become a favorite of billers, who find it cheaper and more efficient than processing paper checks. Under ARC, checks are...

A Start-Up Lender's Bullish Call on Subprime Market.(ResMAE Financial Corp.)(Company Profile)
November 5, 2003... It might seem like a bad time to start a subprime mortgage lending company. With rates rising and demand for refinancings waning in the prime market, some big lenders may be setting their sights on the less creditworthy, threatening to...

Are States, OCC Near a Preemption Showdown?(Office of the Comptroller of the Currency on real estate lending regulation)
November 5, 2003... An Office of the Comptroller of the Currency proposal to assert its power over real estate lending by national banks has triggered a flood of letters and strong reactions from all corners of the predatory lending debate. In asserting its...

Executive Changes.(Brief Article)
November 5, 2003... MIDWEST St. Paul Cos. has hired Shane Boyd as its vice president of corporate communications. Mr. Boyd came to the Minnesota business insurer and asset manager from Fleming Cos., a Lewisville, Tex., supplier of consumer package goods,...

Big Deals Out, Growing Organically In at Citi.(Citigroup Inc.)
November 5, 2003... When Sanford I. Weill decided to step aside as Citigroup Inc.'s chief executive, many outsiders suspected that the change meant an end to Citi's days of reinventing itself through blockbuster deals. Charles O. Prince, who took over as...

No Premiums: Bank Fund Ratio Up.(high ratio of reserves means most banks will not pay deposity insurance premiums)(Brief Article)
November 5, 2003... Most banks will not pay deposit insurance premiums in the first half, as the Bank Insurance Fund recently reached its highest ratio of reserves to insured deposits in at least two years. Officials at a Federal Deposit Insurance Corp. board...

Feinstein, Boxer Lose a Round As FCRA Heads for Vote Today.(Fair Credit Reporting Act political debates)
November 5, 2003... As the Senate moved Tuesday toward approving Fair Credit Reporting Act reform legislation, the daylong debate focused on sharing consumer data within a corporation. "Why shouldn't you have the right to control your own personal data? That...

Act in Long-Term Interest When Rates Start Rising.(analyst sees possibility of interest rate increases)
November 5, 2003... At BNK Advisory Group Inc.'s recent annual conference, whose theme was Avoiding the Python Pit, the keynote speaker, Prof. Edmond Seifried of Lafayette College, warned that interest rates could climb soon. Bankers therefore should...

In Brief: Charter of Ga. Posts 58% Profit Increase.(Charter Financial Corp. 4th-quarter earnings)(Brief Article)
November 5, 2003... Charter Financial Corp. of West Point, Ga., said Tuesday that its fourth-quarter profit rose 58% from a year before, to $1.9 million. The $1 billion-asset company also said that it earned $3.1 million in the fiscal year that ended Sept. 30,...

In Brief: Matrix of Denver Cuts Loss by 64%.(Matrix Bancorp Inc. 3rd-quarter earnings)(Brief Article)
November 5, 2003... Matrix Bancorp Inc. of Denver lost $2 million in the third quarter, compared with a $5.2 million loss a year earlier. The $1.6 billion-asset holding company for Matrix Capital Bank said Monday that the loss stemmed from accounting issues...

More Discount Brokerage Consolidation Forecast.
November 5, 2003... When the chairman of Charles Schwab Corp. said last week that he would be interested in buying TD Waterhouse if it were made available, it solidified the view of many analysts that the industry is ripe for consolidation. Discount brokerage...

In Brief: Phoenix Posts $14M 3Q Profit.(Phoenix Cos. Inc. 3rd-quarter earnings)(Brief Article)
November 5, 2003... The life insurer Phoenix Cos. Inc. on Tuesday reported a third-quarter profit of $14 million, compared to a loss of $93 million a year earlier. "We had a solid quarter in terms of both operating segment earnings and overall net income,"...

In Brief: TransUnion Insurance Scoring.(Insurance Risk Score product is introduced)(Brief Article)
November 5, 2003... TransUnion has announced the debut of its Insurance Risk Score product, a new credit-based insurance score. The product is designed to meet insurance carriers' needs to more accurately predict and assess risk, the company said Monday. It...

Vital Bought Into Idea Merlin Had Better Solutions.(Vital Processing Services acquires controlling stake in Merlin Solutions)
November 5, 2003... Vital Processing Services' buying 51% of a dispute-resolution company represented an admission that the seller's system for handling credit card chargebacks was better than its own, according to the head of Vital. The outfit Vital bought,...

NCR Gets Deal with Chinese Bank.(contract to provide automated teller machine hardware and software to China Construction Bank)(Brief Article)
November 5, 2003... CR Corp. announced a $17 million contract to provide automated teller machine hardware and software to China Construction Bank, one of the big four state banks in China. CR said its ATM manufacturing factory in Beijing will supply three...

EFT Contract Implications Of the B of A-Fleet Deal.(Bank of America Corp.'s acquisition of FleetBoston Financial Corp. and electronic funds transfer network contracts)
November 5, 2003... Interlink, Visa U.S.A.'s PIN debit network, has already captured several major bank contracts this year from Concord EFS Inc.'s Star electronic funds transfer network. ow, Bank of America Corp.'s agreement to buy FleetBoston Financial...

National City Forming Online Statement Archive.(will offer online banking customers an 18-month history of monthly statements)(Brief Article)
November 5, 2003... National City Corp. is building an archive that will offer online banking customers an 18-month history of monthly statements. The statements are available in both portable document and hypertext markup language formats to retail and...

Bank One Cast as Seller In New M&A Speculation.(mergers and acquisition rumors)
November 5, 2003... Bank of America Corp.'s deal to buy FleetBoston Financial Corp. has led to a flurry of speculation that other large banks might seek similar acquisitions to fill geographic gaps in their networks. In most of the prognosticating Bank One...

IN BRIEF: House, Senate Panels to Hold Hearings.(Senate Banking and House Financial Services committees )(Brief Article)
November 5, 2003... The Senate Banking and House Financial Services committees are planning several hearings before lawmakers adjourn for the year, which they could do by Nov. 21. Senate Banking is expected to hold a hearing on Nov. 18 on revamping the...

IN BRIEF: GAO: Higher Fees for Risky Credit Unions.(General Accounting Office recommends that risky credit unions pay more for federal deposit insurance)(Brief Article)
November 5, 2003... The General Accounting Office on Tuesday recommended that risky credit unions pay more for federal deposit insurance. In a 183-page report, the GAO said that deposits held by problem credit unions doubled between 2000 and 2002, to $3...

IN BRIEF: SEC, Mass. Charge Ex-Prudential Brokers.(Securities and Exchange Commission and Massachusetts regulators filed civil fraud charges against a group of former Prudential Securities employees over alleged improper mutual fund trades)(Brief Article)
November 5, 2003... The Securities and Exchange Commission and Massachusetts regulators on Tuesday filed civil fraud charges against a group of former Prudential Securities employees, alleging that they helped hedge funds conduct improper mutual fund trades...

Index.
November 5, 2003... 2 The American Banker/Gallup Consumer Survey showed that public confidence in the safety and security of the financial system dropped to a seven-year low. 4 The number of consumers expressing a high level of satisfaction with their...

Losing Faith in the Health.(consumers are losing faith in the U.S. banking and financial system)
November 5, 2003... Despite the industry's strong balance sheets and record profitability this year, a striking number of consumers lost faith in the U.S. banking and financial system, according to the 2003 American Banker/Gallup Consumer Survey. The...

From The Editors.
November 5, 2003... First the bad news: This year's American Banker/Gallup Consumer Survey found public confidence in the U.S. banking and financial system at a seven-year low - even though banks are in pretty good shape right now. To explore this paradox and find...

Methodology.
November 5, 2003... * The survey was conducted by telephone between April 29 and June 15 - using random-digit dialing - with 1,001 household heads throughout the United States. * To be eligible for inclusion, all respondents were required to have some type of...

Customer Satisfaction Levels Falling Off.(at financial institutions)
November 5, 2003... The number of consumers expressing high satisfaction with their primary financial institution has fallen to the lowest level in almost two decades, with credit unions registering the sharpest drop, according to the 2003 American Banker/Gallup...

Consumers Look to Banks for Long-Term Planning.(financial planning)
November 5, 2003... When it comes to achieving long-term financial goals, consumers said banks would play a larger role than mutual fund companies, brokerage firms, or insurers. Some 43% of respondents in the latest American Banker/Gallup Consumer Survey said...

Higher Profile At Citigroup's Women & Co.(unit designed to market to affluent women)
November 6, 2003... For the past two years, Citigroup Inc. has been engaged in an experiment aimed at determining whether men and women shop for financial services differently. To do so, it established a unit called Women & Co., whose primary purpose is to...

Principal Issue: Struggling With Servicing Value Timing Is Everything Oklahoma's OK.(Principal Financial Group mortgage accounting is questioned)
November 6, 2003... Establishing a value for servicing rights is notoriously difficult when assessing a mortgage business' performance, in large part because of the complex and subjective principles involved. But rarely is a company criticized for being too...

Sallie, Bureaus End a Dispute Over Disclosure.(Student Loan Marketing Association will begin reporting loan data to major credit bureaus)
November 6, 2003... The Student Loan Marketing Association, facing legislative pressure over its withholding of loan data from two of the three major credit bureaus, has reversed course and will once again report to all three. The country's largest student...

Senate OKs FCRA Bill; Let the Dealing Begin.(Fair Credit Reporting Act)
November 6, 2003... The Senate on Wednesday approved legislation to update the 33-year-old Fair Credit Reporting Act and put it on track for enactment this year. The National Consumer Credit System Improvement Act would permanently block states from setting...