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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported:) January 15, 1997
Chevy Chase Bank
_____________________________________________________
(Exact name of registrant as specified in charter)
United States 333-1682 52-0897004
_________________________ ________________ _________________
State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organ- File No.) Identification No.
ization
C/O CHEVY CHASE BANK, F.S.B
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
______________________________________ _____________
Address of principal executive offices Zip Code
Registrant's telephone number, including area code(301)-986-7000
_____________
Not Applicable
________________________________________________________________
(Former name, former address, and former fiscal year, if changed
since last report)
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Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Report to Certificateholders dated
January 15, 1997.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed
on behalf of the Chevy Chase Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Home Loan Trust 1996-1
Mark A. Holles
Dated: January 15, 1997 By:________________________________
Mark A. Holles
Vice President
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SERVICER'S CERTIFICATE
CHEVY CHASE HOME LOAN TRUST 1996-1
7.15 % ASSET BACKED CERTIFICATES, SERIES 1996-1
Monthly Payment Date: January 15, 1996
Monthly Collection Period: December, 1996
Under the pooling and Servicing Agreement, dated as of May 1,
1996, between Chevy Chase Bank, F.S.B. as Transferor and Servicer
and Norwest Bank Minnesota, National Association, as trustee, the
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The
information which is required to be prepared with respect to the
Monthly Payment Date and Monthly Collection Period listed above
is set forth below. Certain of the information is presented on
the basis of an original principal amount of $1,000 per
Certificate, and certian other information is presented based
upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution.
1. Certificates
(a) The Aggregate amount of the
distribution to Certificateholders .....$ 914,729.29
(b) The amount of the distribution
set forth in paragraph A.1.(a)
above in respect of interest
Collections.............................$ 914,729.29
(c) The amount of the distribution
set forth in paragraph A.1.(a)
above in respect of Certificateholders'
Interest Carryover Shortfall............$ 0.00
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(d) The amount of the distribution
set forth in paragraph A.1.(a)
above in respect of Principal
Collections.............................$ 0.00
(e) The amount of the reimbursement of
previous Liquidation Loss Amounts
included in A.1(d)......................$ 0.00
(f) The amount of the aggregate
unreimburesed Liquidation Loss
Amounts after giving effect to the
distribution in A.1.(a) above ..........$ 0.00
(g) The amount of the distribution set
forth in paragraph A.1.(a) above
per $1,000 interest ....................$ 5.9583333
(h) The amount of the distribution
set forth in paragraph A.1(b) above,
per $1,000 interest ....................$ 5.9583333
(i) The amount of the distribution set
forth in paragraph A.1.(c) above,
per $1,000 interest ....................$ 0.0000000
(j) The amount of the distribution set
forth in paragraph A.1.(d) above,
per $1,000 interest ....................$ 0.0000000
B. Information Regarding the Performance of the Trust.
1. Pool Balance and Certificate Principal Balance.
(a) The Pool Balance at the close of business
on the last day of the Monthly
Collection Period.......................$130,682,314.31
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(b) The Certificate Principal Balance after
giving effect to payments allocated to
principal as set forth in Paragraph
A.1(d) above............................$153,521,000.00
(c) The Invested Amount after giving effect
to the payments set forth in paragraph
A.1(a).................................$162,051,553.76
(d) The Required Overcollateralization
Amount after giving effect to the
payment set forth in paragraph A.1(a)...$ 9,063,154.83
(e) The Overcollateralization Amount after
effect to the to the payment set forth
in paragraph A.1(a).....................$ 8,530,553.76
(f) The Overcollateralization Deposit/
Distribution Amount for such Monthly
Payment Date (included in A.1(d) during
the Amortization Period, an Early
Amortization Period and a Rapid
Amortization Period)................... $ 202,370.12
(g) The number and aggregate principal
balance of Loans which are delinquent
by 30-59 days, 60-89 days and 90 or
more days or at the end of the close
of business on the last day of the
preceding Monthly Collection Period:
Days Delinquent Number Amount
30-59 334 3,691,400.88
60-89 87 950,866.62
90 or more 105 1,110,972.80
Total 526 5,753,240.30
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(h) The aggregate Liquidation Loss Amount
for all Loans that became Liquidated
Loans in the Monthly Collection Period..$ 460,439.60
2. Servicing Fee.
The aggregate amount of the Servicing
Fee paid to the Servicer with respect
to the preceeding Monthly Collection
Period..................................$ 106,959.40
3. Payment Shortfalls.
(a) The amount of the Certificateholders'
Interest Carryover Shortfall after
giving effect to the payments setforth
in paragraph A.1(b) above...............$ 0.00
(b) The amount of the Certificateholders
Interest Carryover Shortfalls set
forth in paragraph B.3.(a) above per
$1,000 interest.........................$ 0.0000000
4. Transfer of Subsequent Loans.
(a) Aggregate Principal Amount of Subsequent
Loans to be acquired by the Trust on
such Monthly Payment Date...............$ 26,754,314.30
(b) Aggregate amount on deposit in the
Excess Funding Account on such Monthly
Payment Date after giving effect to all
deposits and withdrawals therefrom on
such Monthly Payment Date...............$ 4,614,925.15
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(c) Aggregate amount on deposit in the
Excess Funding Interest Subaccount on
such Monthly Payment Date after giving
effect to all deposits and withdrawals
therefrom on such Monthly Payment Date..$ 4,614,925.15
(d) Aggregate amount on deposit in the
Excess Funding Principal Subaccount on
such Monthly Payment Date after giving
effect to all deposits and withdrawals
therefrom on such Monthly Payment Date..$ 0.00
5. Draws on Policy.
(a) Amount of the distribution set forth
in paragraph A.1(a) in respect of a
draw on the Policy......................$ 0.00
(b) Amount of the distribution set forth
in paragraph A.1(b) in respect of a
draw on the Policy......................$ 0.00
(c) Amount of the distribution set forth
in paragraph A.1(b) in respect of a
draw on the Policy......................$ 0.00
6. Draws on Reserve Fund and Excess Funding Account.
(a) Amount of the distribution set forth in
paragraph A.1(a) in respect of Reserve
Fund interest Transfer Amount...........$ 0.00
(b) Amount of the distribution set forth in
paragraph A.1(a) in respect of Reserve
Fund Principal Transfer Amount..........$ 0.00
(c) Amount of the distribution set forth in
paragraph A.1(a) in respect of Excess
Funding Interest Transfer Amount........$ 0.00
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Mark A. Holles
By: ______________________________
Mark A. Holles
Vice President
