WASHINGTON:

BANKING GROUPS are up in arms about a Clinton administration plan to raise penalties for failure to file interest and dividend income forms with the Internal Revenue Service. Page 2

MANY BANKERS agree with House Banking Committee Chairman Jim Leach that Glass-Steagall repeal is "long overdue and vitally necessary," but a lot of them want to defer that battle until after a Supreme Court decision they predict will open up a host of new insurance powers for banks. Page 3

COMPLIANCE:

FORCING BANKS to review customers' flood insurance coverage would drive up costs without providing any benefits, the industry has told regulators. IBAA president Richard Mount wrote in his comment letter that banks making few loans in flood-prone areas should have fewer review requirements than institutions in high-risk areas. Page 8

THE FED's proposed check fraud survey is likely to show that the crime is on the rise, an industry expert said. Page 8

REGIONAL BANKING:

A COMMUNITY BANK in New York's Hudson Valley has spurned a suitor for the second time in two months - rejecting a $43 million offer from First Empire State Corp. Page 4

ANALYSTS have reacted favorably to PNC Bank Corp.'s decision to assimilate Midlantic Corp. and clean up its balance sheet in one fell swoop. Page 4

COMMUNITY BANKING:

THE RESOLUTION Trust Corp. has prevailed in its long-running quarrel with seven banks over the pricing of loans in its minority assistance program. Page 6

FIRST NATIONAL Bank of Northern California is proving that you're never too old for a face-lift. Page 6

MORTGAGES:

INDUSTRY OBSERVERS say the concern expressed by rating agencies over rising delinquencies on home-equity loans may be unfounded - because the rates are just drifting back to normal from all-time lows. Page 10

INVESTMENT PRODUCTS:

DESPITE FEARS of a stock market correction, bank brokerage chiefs expect that mutual fund sales in 1996 will exceed last year's performance. Page 15

CREDIT/DEBIT/ATMs:

THE ABA's annual survey of the bank card industry confirmed trends issuers have been talking about for the last couple of years. Page 12

TECHNOLOGY:

GMAC MORTGAGE will install risk management software from Risk Management Technologies Inc., Berkeley, Calif. Page 14

BANC ONE Corp. said it is recalibrating its plans for deploying computerized telephones after a disappointing consumer response to a trial program. Page 14

FINANCE:

STOCK IN THE FOUR credit card specialists surged as investors homed in on companies that have lagged the market during the recent euphoria. Back page

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