Today's News

WASHINGTON

Federal regulators discriminate against small credit unions in financial distress, said Norman E. D'Amours, chairman of the National Credit Union Administration. Page 2

NATIONAL/GLOBAL

A San Francisco publisher is trying to take some of the sting out of the nerve-racking pursuit of job hunting with a series of "insider" books on working conditions in major financial companies. Page 6

COMMUNITY/REGIONAL

Comptroller of the Currency John D. Hawke Jr. criticized the controversial "know-your-customer" rule proposal, telling community bankers that it could destroy customers' trust in the industry. Page 7

INVESTMENT PRODUCTS

INSURANCE: Bank annuity sales stalled in 1998 because of volatility in the stock market late in the year. Page 10

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: The American Bankers Association's ABAecom subsidiary formed an alliance with a local-government technology group to raise awareness about on-line commerce and related security methods. Page 12

Citing its experience as a supplier of information and defense technology, TRW has entered the increasingly crowded digital security fray via a spinoff company, E-Certify. Page 12

TECHNOLOGY

Wells Fargo cut short its test of the Transpoint electronic bill presentment system, concluding that its current version "is not the ultimate architecture we plan to implement," an executive said. Page 13

MORTGAGES

Leland Brendsel, chairman of Freddie Mac, says his company should have a good year even with mortgage volume down slightly. He sees no need for further equity and says Freddie plans to continue to rely heavily on reference notes for funding. Page 14

Saiyid Naqvi, president and CEO of PNC Mortgage, can monitor the productivity of more than 700 loan officers in 34 states from his office in Vernon Hills, Ill. Page 15

CARDS

FDR Ltd., the European business unit of First Data, won a contract to provide card processing and related portfolio services to Dresdner Bank. Page 17

MARKETS

Keefe Managers signed turnaround artist John J. Lyons and William M. Kearns, a Wall Street rainmaker, to lead a series of small-bank rescue efforts. Page 26

Bank stocks emerged from the doldrums and outpaced other stocks in a strong market rally as investors anticipated encouraging words from Fed Chairman Alan Greenspan.Back page

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