Today's News

WASHINGTON

Unless Congress shores it up fast, the Savings Association Insurance Fund may be unable to meet its obligations to depositors, banking regulators told lawmakers Tuesday. Page 2

Class actions against banks have proliferated in recent years. Banks and their lawyers see a problem that could cost billions, and blame greedy lawyers for plaintiffs. Those lawyers blame greedy banks. Page 3

REGIONAL BANKING

Banc One, moving to centralize, has formed a council of eight commercial bankers to oversee commercial lending products and operations. Page 5

Though selling most of its Maryland branches, Mellon hopes to profit from upscale and small-business customers in the state through a retooled system of "financial centers." Page 5

COMMUNITY BANKING

St. Louis-based Boatmen's Bancshares says it has booked substantial volume in the equipment leasing business it launched to handle referrals from its correspondent banks. Page 6

INVESTMENT PRODUCTS

To attract prospects for its no-load funds, Virginia-based Signet Banking is offering a money market deposit account with a yield twice the national average. It's easier to sell an insurance account than a mutual fund to new customers, a consultant points out. Page 8

Heirs Inc. wants CoreStates, Mellon, and PNC shareholders to vote on policy that would make it easier for unhappy beneficiaries to move trust funds to another bank. Page 8

MORTGAGES

Recognizing the growing influence of mortgage insurance companies, two Wall Street analysts have started coverage of several - with favorable ratings. Page 10

Lenders serving vacation communities may have reason to celebrate. More than a third of households reportedly think it's at least 50-50 that they'll buy recreational property in the coming decade. Page 10

DEBIT/DEBIT/ATMs

TRW's credit reporting business, which it agreed to spin off last week after years of losing market share, should thrive under its new majority owners, analysts say. Page 12

TECHNOLOGY

A Canadian company has developed a technology for banks, government agencies, and others to build secure "pipes" for exchanging data over the Internet. Page 15

First Union is joining Ibos, the international banking technology consortium closely aligned with Electronic Data Systems Corp. Page 15

FINANCE

Despite the RTC's gradual withdrawal last year, transaction volume on the real estate securitization market slipped only 8.5% from 1994's record level. Back page

Shares of CCB Financial gained Tuesday after Interstate Johnson Lane put the Durham, N.C.-based bank on its "buy" list. Back page

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