WASHINGTON

The Clinton administration and Congress in recent weeks have sent the financial industry fair warning: Get serious about protecting customer privacy or face tougher regulations. Page 4

REGIONAL

investment fund manager Harry Keefe is exploring ways to gain two seats on the 10-member board of St. Paul Bancorp in Chicago. Page 5

Human resources managers are having a hard time integrating the organizational cultures of merging companies, a multi-industry survey found. Page 6

DIGITAL FRONTIERS

ELECTRONIC COMMERCE: Hewlett-Packard announced an arrangement with Verisign to offer a powerful form of data encryption through Virtual Vault servers. Page 7

CORPORATE FINANCE

BB&T of North Carolina said it has agreed to acquire the securities firm Scott & Stringfellow of Richmond, Va., for $131 million in stock. Page 25

Once NationsBank merges with BankAmerica, the new bank would run its syndicated lending business from five regional offices, says Thomas W. Bunn, who would run the business. "We want our customers to know our product capabilities. That will result in multiple origination and structuring locations." Page 25

TECHNOLOGY

Security First Network Bank said it received a $10 million equity infusion from a State Farm unit. Page 8

INVESTMENT PRODUCTS

INSURANCE: Consumers find annuities arcane. The National Association of Variable Annuities is hoping to change that. Page 11

MORTGAGES

Responding to strong investor demand, Fannie Mae expanded a $4 billion offering of noncallable debt to $7 billion, making it one of the largest nongovernment issues ever. Page 12

COMMUNITY

Bankers are opposing a Farm Credit Administration policy change that will let its lenders compete in the same geographic markets. Page 16

After initially reporting a second-quarter profit of $434,000, a Texas company is restating its results to show a $709,000 loss. Page 16

MARKETS

The sliding stock market has created a cloud of uncertainty over KeyCorp's planned purchase of the investment banking firm McDonald & Co. Back page

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