WASHINGTON

Until the Fed and the Treasury can resolve their turf war, legislation restructuring the financial services industry is unlikely to be enacted. Page 2

COMMUNITY

Two booming cities in Arizona are setting the pace for bank start-ups out West. Page 7

Dissident director Marshall T. Reynolds has succeeded in ousting Barbara Davis Blum as chairman, chief executive officer, and president of Washington's Adams National Bank. Page 7

CORPORATE FINANCE

The London offices of Goldman Sachs and HSBC Investment Bank will syndicate a three-part, $6 billion loan to finance the planned buyout of the Simon & Schuster education publishing business. Page 11

MARKETS

Chase is not under any pressure to find a merger partner, despite the recent wave of consolidation, says Walter V. Shipley, chairman and chief executive officer. The bank's mix of corporate, wholesale, and consumer businesses is "a com-bination of strengths few, if any, companies can match." Page 26

MORTGAGES

HOME EQUITY: FirstPlus Financial Group is once again rejiggering its accounting, saying it went too far in adopting more conservative practices last year. Page 8

Housing starts slipped back in April for the second month in a row, but they remained unusually strong. Analysts said the market is not likely to cool much without a substantial rate hike. Page 8

INVESTMENT PRODUCTS

With Kemper Funds' sales through banks rebounding from a dizzying downturn a few years ago, the company's new president is sending a message to banks: "Thanks for giving us a second chance." Page 12

DIGITAL FRONTIERS

SMART CARDS: "The ATM in the home," a subject of much talk and some testing, has become a reality at a U.S. military installation. Page 14

Mondex announced two steps forward: the start of a pilot in Israel and the signing of its first franchise in South America. Page 14

TECHNOLOGY

Banks spent nearly $9 billion on telecommunications technology in 1997. And with a string of mergers shrinking the number of providers, banks may be facing more cost pressure. Page 16

Citicorp has licensed software from Netscape for use in electronic commerce services. Page 17

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