The American Bankers Association said it plans to sue the National Credit Union Administration in a bid to overturn an expansive new membership rule. Page 2


Peekskill Financial in New York State said it rejected a takeover offer from a local real estate investment trust and will go ahead with a planned stock buyback. Page 5

The Federal Deposit Insurance Corp. threatened to order the first regulatory shutdown of a California thrift and loan since 1996. Page 5


A New First Union fund took in $100 million its first day out of the gate. No other member of the fund family ever brought in that much in one day. Page 6

With some of its biggest bank and brokerage clients merging, Federated Investors is fine-tuning the way its sales force serves the melded companies. Page 6


Mergers pushed banks higher in the rankings of domestic initial public offering managers last year. Including the No. 4 underwriter, Salomon Smith Barney-which was a unit of Travelers Corp. when it merged with Citicorp to form Citigroup in October-U.S. banks' share rose to 16.8%. Page 18


Forty to 50 companies, virtually all mortgage-related, joined the electronic-commerce lobbying group that Microsoft is forming with three other financial services giants, a Microsoft executive said. Page 7

Mortgage insurers won a victory in the fight to protect their turf against incursions by lenders. Page 7


Thanks to a long holiday weekend, their own well-laid plans, and reduced trading volumes, major banks encountered few technical problems as they ushered the euro into world financial markets. Page 8


Any lingering doubt that automated teller machine fees are here to stay was probably put to rest as Citigroup and Chase Manhattan Bank announced intentions to surcharge. Page 10


Astoria Financial is in a position to reap a hefty premium from a buyer wanting a crack at New York City's affluent Long Island suburbs. Back page

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