THE WORLD of electronic funds transfer processing is due for a shake-up if Michael R. Shutters gets his way. His paints his new U.S. Processing as contemporary David taking on established giants to bring advanced technology to mall and midsize banks. Page 18 AMERICAN EXPRESS signed a letter of intent with MCI to offer student identification cards to colleges across the country. Features would include banking, telecommunication, stored value, and other functions. Page 18 WASHINGTON: NEW RULES are on the way that will force banks, thrifts, and other corporations to make big changes in how they account for derivatives. Page 2 CONSOLIDATION could take the biggest toll on small towns and rural areas, Comptroller of the Currency Eugene A. Ludwig says. "Attention should be paid to the competitive effects of mergers in highly concentrated local markets." Page 4 REGIONAL BANKING: LESS THAN A DECADE after they shut down scores of offices around the world, U.S. banks have embarked on a new round of international expansion. Page 8 BUOYED BY YEARS of tight lending standards, banks now are enjoying some of the lowest loan losses in years. But the buzz at the fall conference of Robert Morris Associates, the trade group of commercial loan officers, was that big problems could be just over the horizon. Page 8 COMMUNITY BANKING: CANADIAN and U.S. farm bankers found lots of common ground at last week's North American Agricultural Lenders Conference in Des Moines. Page 17 CREDIT UNIONS: EVEN AMONG their own members, credit unions have an image problem. Many take a dim view of the institutions' management skills, range of offerings, and convenience. Page 20 A SWEEPING review of the Credit Union National Association will reportedly proceed even without its instigator. Officials who fired trade group president Ron Swoboda last month were said to have seen the project as a threat to their power. Page 22 MORTGAGES: FAIR, ISAAC & CO. has taken its credit scoring story on the road to let lenders see the process in action and to counter negative perceptions that are dogging it. Page 12 TECHNOLOGY: MASTERCARD's stalled remote banking program may get a jump-start from a new alliance with payment processor Servantis Systems. Page 26 INVESTMENT PRODUCTS: BANKERS TRUST is refocusing its global asset management business to stave off competitors and expand distribution. "We will be looking very closely at offering more of our international products in the U.S., and in the Japanese market from our Australian unit," says Ian Martin, new head of BT's global money management group. Page 11 FINANCE: FIRST BANK System apparently inflated the value of its stock offer for First Interstate by heavy buying of its own shares, critics said.

Back page THE ECONOMY could be at risk if the budget war rages on too long in Washington, economists and analysts are warning. Back page

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