CHARLES WALTERS, whose World Acceptance Corp. is one of 31 companies charged in two lawsuits with violating federal and state laws by failing to disclose "nonfile insurance" premiums as a fee or finance charge, vows "to defend our position vigorously." Page 4 FIRST VIRGINIA Banks Inc. has agreed to pay $15.5 million, or a 7 3/4% premium, for four Richmond branches and $208 million of deposits owned by Miami-based CSF Holdings Inc. Page 4 CREDIT UNIONS: A MAJORITY of the board and the senior managers of Patelco Credit Union has asked the Justice Department to investigate evidence that insiders at the San Francisco institution defrauded the government in order to kill an acquisition. Page 6 THREE SENATORS have introduced a long-shot bill that would destroy a cornerstone of the credit union industry: its federal tax exemption. Page 6 TECHNOLOGY: BANK SYSTEMS stocks mainly drifted lowered last week, despite the continued bull market for technology issues overall. Page 8 INVESTMENT PRODUCTS: NOT ALL MARRIAGES between banks and investment management firms are rocky. First Tennessee National Corp. and Highland Capital Management Corp. appear to be doing just fine. Page 12 SCUDDER, Stevens & Clark, a money management firm that manages $32 billion in no-load mutual funds, has placed the director of its Boston office in charge of sales through the bank channel. Page 13 MORTGAGES: NOW THAT amendments to the rules for valuing mortgage servicing rights are on the verge of adoption, portfolio lenders and their associations are turning to another sticky accounting problem. Page 14 COMMUNITY BANKING: TOTAL COMPENSATION for the four top executives of Farmer Mac fell 7.7% on average last year as the corporation posted its seventh consecutive annual loss. Page 16 CREDIT/DEBIT/ATMs: THE INDEPENDENT Bankers Association of America has narrowed its field of electronic funds transfer processing candidates from 15 to three. Page 18 STAR BANC Corp. has launched a product that follows in the footsteps of Wachovia's Prime for Life card - but with a much lower annual fee. And the Cincinnati bank announced that its multiairline frequent-flier program is performing well. Page 18
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