Key lawmakers introduced bills to reform the Federal Home Loan Bank System and expand credit union membership. Page 3

Under a new pilot program, the Federal Home Loan Bank of Chicago will fund and hold mortgages originated by its member institutions. Page 3


KeyCorp said the single nationwide bank it will form this year from the present 12 will be divided into 28 sales districts centered on sizable metropolitan areas. Page 4

SunTrust Banks' fourth quarter earnings rose 9%, thanks to solid loan growth and a double-digit jump in fee income. The Atlanta-based bank, the nation's 19th largest, reported fourth quarter net income of $158.5 million, or 72 cents a share, compared with $144.9 million, or 64 cents, a year earlier. The bank is one of the first of the nation's top 25 banks to post earnings results this quarter. Page 5


Associates First Capital, a Dallas-based subsidiary of Ford Motor, agreed to purchase J.C. Penney's entire Visa and MasterCard portfolio. Page 7


Nynex launched an automated bill payment program with Chase Manhattan. Page 8

A newly approved clearing house meant to reduce settlement risk in foreign exchange transactions appointed a new president and chief executive. Page 9


A surging number of thrifts nationwide have been buying up commercial banks in an effort to satisfy their hunger for more profitable business. Page 10

Attempts to slap a bank and a thrift together can lead to culture clash, as one soured merger in Minnesota illustrates. Page 10


First Union's mutual fund unit hired a squad of sales representatives to increase its distribution through broker-dealers. Page 11

State Street Boston is getting ready to launch a set of "lifestyle" mutual funds for the retirement market. Page 11


Secondary loan trading appeared to hit stride in 1996, as the volume of loans traded continued to grow and a number of commercial and investment banks opened up operations. Page 18

The 1997 loan syndication market got off to a roaring start with Chase Manhattan launching two major deals. Page 18


The bond and stock markets rallied after the Commerce Department reported higher-than-expected unemployment insurance claims for the week ended Jan. 4. Back page

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