Today's News

WASHINGTON

President Clinton's fiscal year 2000 budget may propose killing a key federal subsidy for banks that make student loans, congressional sources said. Page 2

Rekindling controversy, several key lawmakers want financial reform legislation to let banks and commercial businesses own each other. Page 2

REGIONAL Page 3

INVESTMENT PRODUCTS

The NASD is requiring brokerage firms to set policies for reviewing clients' written communications to brokers. Page 7

BankAmerica restructured and renamed its institutional equity management division. Page 7

MORTGAGES

Fannie Mae is planning to offer homebuyers new ways to reduce their mortgage insurance costs. Page 8

COMMUNITY

Peekskill Financial in New York has been sued by a shareholder who is demanding that the company's board reconsider a takeover offer. Page 5

The CEO of San Diego's Bank of Commerce may soon be seeking another title: mayor. Peter Davis, who has headed the bank since 1977, said he will decide by midyear whether to run for the top political post in San Diego. "Maybe the citizens of this city need it to be run like a business." Page 5

CARDS

The Navy is upgrading and expanding its armada of shipboard automated teller machines through a $49 million contract with NCR. Page 10

Visa International signed an agreement with software vendor Epiphany to create data mining programs for the bank card industry. Page 10

TECHNOLOGY

After wrapping up a deal to do business in Australia, RSA Data Security is now set to host its annual conference of data encryption science and business. Page 12

CORPORATE FINANCE

First Union is putting its name back on its section 20 subsidiary. Page 21

MARKETS

FED CHAIRMAN Alan Greenspan is scheduled to deliver his semiannual report on monetary policy Feb. 23 before the Senate Banking Committee. Back page

Renewed economic turmoil in Brazil could put pressure on many big U.S. and European banks, Standard & Poor's said. Back page