WASHINGTON

Fannie Mae is hopping mad about a risk-based capital rule being pitched by its regulator, the Office of Federal Housing Enterprise Oversight. Page 2

REGIONAL

Bucking the electronic banking trend, Citizens Financial Group of Providence, R.I., has put branches at the center of its retail strategy. Page 5

INVESTMENT PRODUCTS

First American Corp., Nashville, has combined its proprietary mutual funds with those of Deposit Guaranty Corp. Page 7

MORTGAGES

Regional and national lenders in the Southeast are finishing the year on a wave of originations, but business is expected to ebb a bit in the first quarter. Page 8

A Puerto Rican housing agency is automating its mortgage underwriting with the same software that is used by some of the largest U.S. banks. Page 8

CARDS

Commercial Financial Services, the Oklahoma company that convinced many people it was safe to swim in the waters of subprime debt collection, now seems to be drowning. Page 9

MARKET MONITOR

J.P. Morgan's bonds may suffer if other ratings agencies follow the lead of Moody's Investors Service and downgrade the venerable banking company again. Page 18

Hibernia is in line to benefit from the recent purchase of rival First Commerce Corp. by Bank One, a Legg Mason Wood Walker analyst says. Page 18

TECHNOLOGY

Telebanc, a pioneer of branchless banking, has seen impressive growth in customers and other key categories as its stock price has risen 300% since October. Telebanc is embracing the Internet to rapidly expand nationally. Previously the Arlington, Va.-based bank sought deposits in its home region, luring older customers with high yields on savings accounts. Page 27

CORPORATE FINANCE

When it comes to commercial banks buying securities firms, 1999 will be a year of fewer - and cheaper - deals, according to analysts. Back page

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