WASHINGTON

Fed Chairman Alan Greenspan took issue with the General Accounting Office Tuesday, rebutting a report knocking the Fed board for a 50% jump in operating expenses. "I find it extraordinary that our expenditure increases have not been substantially more," Mr. Greenspan said. Page 2

Dean Schultz has faced a variety of obstacles since taking the helm of the Federal Home Loan Bank of San Francisco in 1991. But in a recent interview he says the bank's problems are mostly behind it. Page 4

REGIONAL BANKING

Signet Banking, in approving its share of an allegedly fraudulent $324 million loan, apparently made some classic errors - such as making an exception to lending policies. The bank stands to lose $81 million on the loan. Page 6

CREDIT/DEBIT/ATMs

Alan F. Westin, editor of Privacy & American Business, says bankers must address their customers' privacy concerns or risk government intervention. "Banks need to have policies?20that cover their full range of services, because more and more banks have one big customer data base." Page 16

As ATM networks merge and the industry?20consolidates, there is concern that reducing the number of competitors will lead to higher prices, according to a Fed journal. Page 17

TECHNOLOGY

A recent Fed ruling allowing a French bank's U.S. unit to provide data processing services for a cellular telephone company appears to have come to late to be of much significance to other institutions. Page 7

COMMUNITY BANKING

Private-label relationships between correspondent banks and their customers are proliferating, in part because of a trend toward global cooperation among institutions. Page 10

A year of Gov. George Pataki's pro-business policies is a profound relief for New York State bankers, who had considered themselves targets for attack under previous administrations. Page 11

INVESTMENT PRODUCTS

John Philip Sousa 4th, great-grandson of the famous composer of patriotic marches, will orchestrate Los Angeles-based SunAmerica's sales of annuities through banks. Page 12

With its assets up by $3.5 billion in the first two months of the year, Dreyfus is expected to fuel a hefty portion of the growth Mellon Bank expects this year. Page 13

MORTGAGES

At a recent conference of mortgage bankers, local issues like efforts to cultivate relationships with builders superseded national concerns like rising interest rates. Page 14

Home equity and subprime loans, once considered the stepchildren of the mortgage industry, have come into their own. The main reason: their attractive margins. Page 14

FINANCE

There's a battle for deposits and market share in Nebraska, and credit card and consumer lenders are putting the squeeze on the state's farm banks. Page 22

Fleet Financial got some good news Tuesday when Morgan Stanley announced an upgrade, citing the bank's in-market mergers with Shawmut and Natwest. Back page

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