In a letter Tuesday, Edward L. Yingling, executive director of the American Bankers Association, urged President Clinton to support legislation that would make it easier for banks to convert to tax-favored subchapter S companies.

"Nonbank competitors, such as farm credit system lending institutions and credit unions, continue to enjoy significant tax advantages that make it difficult for banks to compete," Mr. Yingling wrote. "Expansion of the subchapter S tax laws for banking institutions is greatly needed."

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