WASHINGTON

With a shove from the White House, the National Credit Union Administration board has finally chosen a permanent executive director. But the decision opened new wounds at the troubled agency. Page 2

A raucous group of roughly 6,000 people crowded at the foot of Capitol Hill to rally for Senate approval of legislation that would ease credit union membership rules. Page 2

The Small Business Administration wants the federal banking agencies to expand safety-and-soundness examinations to include a review of 7(a) program loans. Page 4

COMMUNITY

People in the Northeast and South were found to care less than those in the Midwest and West about whether their banks are locally owned. Page 7

A California bank that bought a majority stake in an electronic paycheck firm last fall has kicked off a six-month project to pay the wages of cruise line workers with a card. Page 7

MORTGAGES

HOME EQUITY: Banc One executives say they are successfully doing what few banks have done: cross-selling home equity and consumer loans. Page 8

MGIC Investment, the nation's largest mortgage insurer, reported that its second-quarter earnings rose 18%. Page 8

With prepayments soaring, real estate investment trusts that invest in adjustable-rate mortgages must either diversify or leave the business. Page 10

CARDS

NationsBank said it has started a Visa Cash smart card program at Lackland Air Force Base in San Antonio-its third as a financial agent for the Treasury. Page 13

INVESTMENT PRODUCTS

A Canadian consulting firm has wrapped an old market research method in a new package to help financial companies target investors. Page 14

Variable annuities that do not penalize customers who withdraw principal are making their way into the retail market, and Keyport Life Insurance is the latest to offer such a product. Page 15

TECHNOLOGY

The number of people investing on-line may have plateaued even as home banking continues to grow, a recent study said. Page 17

CORPORATE FINANCE

CIBC Oppenheimer, starting its first dedicated M&A group, has hired a team of four merger and acquisition advisers from Salomon Smith Barney. Page 25

MARKETS

Bank stocks jumped on positive earnings announcements and upbeat economic news pointing to moderate inflation. Back page

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