WASHINGTON

On Sunday, interstate branching will be legal in nearly every state thanks to the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Page 2

Lenders objected to a government proposal that would prevent them from selling entire loans backed by the Small Business Administration. Page 3

Regulating smart cards, electronic banking, and other emerging technologies will not be easy, two researchers warn. Page 3

COMMUNITY BANKING

Neighborhood Trust Federal Credit Union is trying to fill a void left by banks in a New York City neighborhood where people often bank with check cashers and loan sharks. Page 5

Chase Manhattan, continuing its effort to refocus on urban markets, is selling its smallest banking subsidiary to a Texas community bank. Page 5

CORPORATE FINANCE

As the high-yield market swells with underwriters and investors, the size of issues is starting to shrink. Page 8

First Tennessee National's capital markets unit has opened its fifth regional office, in Chicago. Page 8

MORTGAGES

HUD decided to end a fraud-plagued program that insures home improvement loans arranged by construction contractors. Page 9

Texas bankers are celebrating the passage of legislation that could free up $100 billion-plus in home equity lending possibilities. Page 9

INVESTMENT PRODUCTS

Countrywide Credit Industries, the largest independent mortgage company, is gearing to offer mutual funds to its borrowers. Page 10

Merrill Lynch chartered a federal savings bank to streamline the marketing of its burgeoning trust business. Page 10

Top financial planner Harold Evensky discusses a basic strategy for banks to get a bigger piece of the financial planning business. Page 10

CREDIT/DEBIT/ATMs

AT&T has reached out to students of California State University with a multi-application campus card. Page 11

TECHNOLOGY

Call centers may be the next bank area to face consolidation, according to a report from a New York research firm. Page 12

MARKET MONITOR

H.F. Ahmanson's three and a half month battle to buy Great Western Financial could boil down to the outcome of a hearing today in Delaware Chancery Court. Page 18

Two recent announcements by Moody's Investors Service illustrate how rising chargeoffs are becoming an increasing drag on asset-backed securities. Back page

Chase Manhattan recently began marketing a new derivative that enables trading partners to avoid actually exchanging millions of dollars worth of foreign currency. Back page

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