Accounting
First Call Move Diminishes Merger Accounting Proposal
An accounting proposal that bankers feel could significantly dampen the future earnings of merged companies (See FMR 4/12/99, p.1) may, practically speaking, not be so bad after all. The Financial Accounting Standards Board’s business combinations project is currently on path to limit the life of goodwill–the premium paid in an acquisition–to...
Legislation
Gramm’s Flowers Trampled
The Senate version of financial modernization legislation is likely to be delayed by congressional debate and action on the Kosovo crisis, according to sources, further lessening what momentum remains for passage this year. Sen. Phil Gramm, R-Texas, made such a comment to industry officials during a fund-raiser last week in Washington. A meeting...
Banks, Legislation
Big Banks Trounce Financial Modernization’s CRA Provisions
First Union has joined several of the nation’s large banks in opposing a rollback of Community Reinvestment Act mandates contained in a version of financial modernization legislation passed by the Senate Banking Committee last month. The bank’s letter, sent to all members of the Senate Banking Committee (and different from the one mentioned...
Banks, Investments
First Union Voices Dissent On Modernization
First Union, the nation’s sixth-largest bank, is voicing deep concerns about the current versions of financial modernization legislation, including provisions that the industry fears could greatly increase the cost of and unreasonably delay mergers and acquisitions. In its comments to the American Bankers Association, First Union specifically...
Banks
Bank One Bills Consumers Over net
Bank One Corp. became the second major bank to make electronic bills available to its on-line customer base April 14, through a third party provider Checkfree Corp. It followed First Union Corp. by about six months. On the same day, BankAmerica Corp. officially introduced its own system that it called “comprehensive electronic bill presentment...
