Big banks queueing on Mormon state's doorstep

A Federal law in the United States makes Utah the beneficiary of a strange loophole that allows financial institutions to avoid regulation by the Federal Reserve. The law, passed while former Senator Jake Garn, an LDS Church member, was chairman of the Senate Finance Committee, allows corporations to offer everything a bank offers except checking accounts, but avoid the regulations placed on Banks by the Federal Reserve.

Mormon bookstore largest in valley

An LDS woman in Modesto, California, is finding success with a growing business based on LDS products. Cumorah Books, a 3,600 square foot shop featuring books, music, and other items, is a far cry from the former state of things for saints in the area.

Photo Shows Roof Almost on Main Street Garage The steel re-enforced roof is about to be put on the underground parking garage under the portion of Main Street that the LDS Church purchased from Salt Lake City last year. The 600-stall parking facility should be finished this spring, while the plaza itself, barring court interruptions, should be finished by the fall. Working from the ground up Deseret News 27Jan00 B1

Judges put Zions/First Security Merger on Hold The merger of Zions Bancorp and First Security Bank was put on hold by a New Mexico federal judge to whom a lawsuit seeking to block the merger was assigned. The lawsuit claims that the merger will reduce banking services available to businesses and individuals in southern Utah. The lawsuit is being heard by a New Mexico judge because all six Utah judges recused (excused) themselves from hearing the case. Neither the plaintiff nor the defendants in the case requested recusals, nor did the judges give their reasons for refusing. However, judges generally don't hear cases when they have a tie to one side or another, which could be as simple as owning stock in one of the banks or holding a bank account or mortgage from one of the two banks. Zions merger on hold Deseret News 25Jan00 B4 By Max B. Knudson: Deseret News business editor Utah's federal judges say they can't hear opponents' lawsuit

ZCMI stores reopen after two weeks of renovations 14 ZCMI stores in Utah and Idao reopened on Monday, January 31st after two weeks of renovations ordered by their new owner, the May Co. of St. Louis. While the stores haven't yet been changed over to their new name, Meier & Frank, May has put in new computerized cash registers that fit their system and trained employees on Meier & Frank policies. ZCMI stores to reopen Monday Deseret News 30Jan00 B4 By Max Knudson: Deseret News business editor But customers won't notice very much difference -- yet

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BYU Grad Blake Modersitzki named to NetObjects Board Modersitzki, a Novell employee responsible for its venture capital fund, was named to NetObject's Board of Directors. He fills a spot on the board reserved for a Novell employee because of its venture capital investment in the firm. NetObjects is an IBM affiliate that provides software and services for small businesses to build and maintain Websites. NetObjects, Inc. Names Blake Modersitzki to Board of Directors PRNewswire 28Jan00 B2

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