Today's News

WASHINGTON

HOUSE MAJORITY Leader Richard Armey hopes to bring legislation capitalizing the Savings Association Insurance Fund to a vote today and send it to the Senate for a vote this weekend. Page 2

THE COMPTROLLER'S Office issued a 10-page bulletin, highlighting the risks that national banks face when they securitize assets. Page 4

REGIONAL BANKING

TFC ENTERPRISES, a troubled Virginia subprime auto lender, pushed out its entire executive management team in the wake of serious loan-quality problems. Page 5

COMMUNITY BANKING

BANKS THAT bought equipment leases from a now-bankrupt Syracuse firm say they're discovering that they're not going to get off as easily as had been thought. Page 7

FEATHER RIVER STATE, one of California's most prolific farm lenders, is getting into the leasing business to keep itself busy through the fallow winters. Page 7

MORTGAGES

CHARLOTTE HAS changed radically in the last generation. Once a small North Carolina town, the areas that were outskirts and farmlands are now near the center of the growing town, residents say. Page 8

KEVIN KEEGAN is a rarity among mortgage bankers in that lending to minorities accounts for the majority of his Virginia-based business, Mortgage Capital Investors. Page 9

INVESTMENT PRODUCTS

BANKAMERICA COOKED up three mutual fund share classes, aimed at the money market sweep and retirement plan markets, that carry rather hefty fees. Page 10

INDUSTRY OBSERVERS are lauding the prospect of a merger between Aim Management Group and Invesco PLC. The mutual fund companies confirmed that they are in talks, but said no definite agreement has been reached. The price tag could total $1.08 billion, or 2% of Aim's managed assets. Aim's chairman and chief executive, Charles T. Bauer, is thought to be ready to cash out of the closely held company, which he helped found. Page 10

CREDIT/DEBIT/ATMs

FIRST USA is making its maiden voyage in the frequent-flier card market with the Southwest Airlines Rapid Rewards Visa. Page 12

THE MONDEX smart card will be a payment option on the Internet - the result of an arrangement with Cybercash. Page 12

TECHNOLOGY

INTUIT, which boasts of being able to turn on a dime, proved it could with the decision to sell its home banking transactions processor to Checkfree for $228 million in stock. Page 13

FINANCE

SIGNET BANKING shares suddenly reversed course and surrendered some of the unusually large gains they tallied earlier. Back page

BARNETT MOVED to end its credit-card problems by announcing an alliance with Household Credit Services to manage most of its $1.7 billion portfolio. Back page

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