Two large nonbanks filed to become thrift holding companies, and the OTS approved a request by Guardian Life Insurance of America to operate a trust company through a federal charter. Page 2

Banks are more efficient at making student loans than the government, the Department of Education's inspector general concluded. Page 2



United Software Systems and Fannie Mae are teaming up to enable users of Fannie's underwriting system to receive appraisals electronically. Page 7


NextCard, an innovator in marketing credit cards over the Internet, registered with the SEC for an initial public stock offering. Page 10


SEC Chairman Arthur Levitt Jr. unveiled his proposed changes for mutual fund governance at the Investment Company Institute conference. Page 13


David Daberko, chairman and CEO of National City, says taking customers' deposits is at best a break-even business for banks. Now the Cleveland- based company has come up with a new tactic: separating the profitable customers from the "transaction terrorists." Page 5

A study found that borrowers save more than 1 percentage point off their interest rate spread by using the bank market rather than the high-yield bond market. Page 4


With the advent of Internet bill presentment and payment, more senior banking executives should reevaluate the profitability of their outsourcing decisions, writes Richard Crone of Cybercash. Page 15


Online Resources and Communications, a pioneering developer of remote banking software and services, hopes to raise $46 million through an initial public offering of stock. Page 16


veteran Wall Street strategist Elaine Garzarelli has lost enthusiasm for the consumer finance industry and taken mortgage lender Countrywide off her list of favorite stocks. Page 25

J.P. Morgan arranged the first Latin American corporate bond denominated in euros: a $165 million, five-year issue for Telecom Argentina STET France, an Argentine telephone company. Back page

Bank stocks were caught up in market reaction to the NATO allies' renewed attacks in Yugoslavia. Back page

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