WASHINGTON

After stonewalling for six months, the Federal Reserve Board is finally revealing its payroll to the public. Twelve of the top 20 executives each earned the agency's highest base salary, $170,700. Page 2

Mortgage lenders in the nation's capital would have to get local licenses and follow local regulation under legislation introduced by the Washington City Council. Page 3

REGIONAL BANKING

First Chicago NBD is backing away from the controversial $3 teller fees it introduced last year. Under a new plan, the bank will reduce or eliminate the fees for most accounts. Page 4

MORTGAGES

American Banker's rankings of 100 top originators revealed that thrifts are losing ground and being supplanted by banks. Not a single thrift placed among the top 10 originators , and only 10 thrifts registered in the top 50. Overall, the 41 bank-owned companies in the top 100 increased originations by about 17%. Page 8

Michael Zafirovski, the president and chief operating officer of GE Capital Mortgage, has been promoted to the top job at GE Lighting Europe. Page 8

COMMUNITY BANKING

Shorebank's Chicago Neighborhood Institute is said to be a one-of-a-kind program that helps create jobs by financing area businesses, then helps fill them through a new placement service. Page 6

California Financial Holding, a Northern California thrift, is denying Business Week reports that it held unsuccessful merger talks with First Nationwide Bank. Page 7

INVESTMENT PRODUCTS

First Union is chasing hard-driving veteran brokers and sales assistants in a bid to beef up its sales force in the Northeast. Page 20

Banks are being urged to use the hub-and-spoke mutual fund structure as a way to turn a trust fund into a mutual without having to pay capital gains taxes. Page 20

TECHNOLOGY

Cathy Medich has jumped ship, leaving Commercenet, where she was executive director, to become marketing director for Verifone's Internet commerce division. Page 24

The Financial Crimes Enforcement Network - Treasury's relatively low- profile money-laundering cops - have established a home page on the World Wide Web to advertise its investigative services. Page 24

CREDIT/DEBIT/ATMs

The Pulse EFT Association, which operates the Pulse ATM network, announced the promotion of two executives to senior jobs. Page 28

FINANCE

A proposed merger between Zurich-based CS Holding and Union Bank of Switzerland would create a $400 billion-asset powerhouse with a significant U.S. presence. Page 36

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