SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ---------------------

                                   FORM 10-K

     (Mark One)
 X   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
---  EXCHANGE ACT OF 1934

     For the fiscal year ended December 31, 1999

___  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from ___________________ to ____________________

                        Commission File Number 333-1682

                CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1996-1

    (Issuer in respect of the Capitol Revolving Home Equity Loan Asset Backed
                          Certificates, Series 1996-1)
     ---------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          Maryland                                            52-0897004
     -------------------------------                ----------------------------
     (State or other jurisdiction of                       (I.R.S. Employer
     incorporation or organization)                        Identification No.)

          8401 Connecticut Avenue
          Chevy Chase, Maryland                                         20815
     -------------------------------                ----------------------------
     (Address of principal executive offices)                         (Zip Code)

     Registrant's telephone number, including area code: (301) 986-7000

     Securities registered pursuant to Section 12(b) of the Act:

                                      None

     Securities registered pursuant to Section 12(g) of the Act:

                                      None

          Indicate  by check  mark  whether  the  registrant  has (1)  filed all
     reports  required  to be filed  by  Section  13 or 15(d) of the  Securities
     Exchange  Act of 1934 during the  preceding  12 months (or for such shorter
     period that the registrant was required to file such reports),  and (2) has
     been subject to such filing requirements for the past 90 days.
          Yes X No
             ---  ---

     The registrant has no voting stock or class of common stock outstanding
     as of the date of this report.



<PAGE>

                               INTRODUCTORY NOTE

Chevy  Chase Bank,  F.S.B.  (the  "Originator")  is the  originator,  seller and
servicer under the Pooling and Servicing  Agreement (the "Agreement"),  dated as
of  September 1, 1996,  by and between the  Originator  and the Chase  Manhattan
Bank,  as trustee,  providing  for the  issuance of the Capitol  Revolving  Home
Equity Loan Asset Backed Certificates, Series 1996-1, (the "Certificates"),  and
is the  originator of the Capitol  Revolving Home Equity Loan Trust 1996- 1 (the
"Registrant"). The Certificates do not represent obligations of, or any interest
in, the  Originator.  The Originator has made  application for an exemption from
certain  reporting  requirements.  Pursuant  to a letter  from the  Commission's
Office of Chief Counsel, Division of Corporation Finance, dated February 6, 1991
granting the Originator's application, the Originator is not required to respond
to  various  items of Form  10-K.  Such  items  are  designated  herein  as "Not
Applicable."

                                     PART I

Item 1.   Business

          Not Applicable.

Item 2.   Properties

          Not Applicable.

Item 3.   Legal Proceedings

          None.

Item 4.   Submission of Matters to a Vote of Security Holders

          None.







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<PAGE>



                                    PART II

Item 5.   Market for Registrant's Common Equity and Related Stockholder Matters

     The  Certificates  representing  investors'  interests  in  the  Trust  are
represented  by a single  Certificate  which is registered in the name of Cede &
Co., the nominee of the Depository Trust Company ("DTC").

     To the best knowledge of the  Registrant,  there is no  established  public
trading market for the Certificates.


Item 6.   Selected Financial Data

          Not Applicable.

Item 7.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations

          Not Applicable.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

          Not Applicable.

Item 8.   Financial Statements and Supplementary Data

          Not Applicable.

Item 9.   Changes in and Disagreements with Accountants on Accounting and
          Financial Disclosure

          None.





                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

          Not Applicable.


Item 11.  Executive Compensation

          Not Applicable.







                                      -3-


<PAGE>



Item 12.  Security Ownership of Certain Beneficial Owners and Management

     The  Certificates  representing  investors'  interests  in  the  Trust  are
represented  by a single  Certificate  which is registered in the name of Cede &
Co.,  the  nominee of the  DTC,  and an investor holding  an  interest  in the
Trust is not  entitled  to  receive a  Certificate representing such interest
except in certain limited circumstances. Accordingly, Cede & Co., is the primary
holder of record of the  Certificates,  which it held on behalf of 3 brokers,
dealers, banks and other direct participants in the DTC system at December 31,
1999. Such direct  participants may hold Certificates for their own accounts or
for the accounts of their customers. At December 31, 1999, based on information
furnished to the  Originator by DTC, the following  direct DTC participants held
positions in Certificates  representing  interests in the Trust  equal to or
exceeding  5% of the total  face  amount of the  Certificate outstanding on that
date:

                                   Aggregate Amount of           Percent of
            Name                    Certificates Held               Class
------------------------------     -------------------           ----------

Bank of New York                        $53,000,000                 44.0%

Citibank, N.A.                            $37,460,000                 31.1%

Swiss American Securities, Inc.          $30,000,000                 24.9%


The address of each of the above participants is:

          c/o  The Depository Trust Company
               Issuer Services
               C/O ADP Proxy Services
               51 Mercedes Way
               Edgewood, NY 11717

Item 13.  Certain Relationships and Related Transactions

          None.





                                      -4-



<PAGE>



                                    PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)       The following documents are filed as part of this Report:

     (i)  Management's  Report  on the  Effectiveness  of the  Internal  Control
          Structure  Relative  to the  Servicing  of  Home  Equity  Loans  dated
          October  20,  1999  together  with the Report of   Independent  Public
          Accountants.

     (ii) Annual Report to  Certificateholders  for the year ended  December 31,
          1999.

No proxy soliciting material has been or is expected to be distributed by
the Trust.










                                      -5-


<PAGE>





                                   SIGNATURES

     Pursuant to the  requirements of Section 13 or 15(d) of the Securities
Exchange  Act of 1934,  the  registrant  has duly  caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                 CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1996-1

                                   By: Chevy Chase Bank, F.S.B.
                                   Originator of the Trust and Servicer



Date:  March 28, 2000              By:  Stephen R. Halpin, Jr.
                                   ________________________________
                                        Stephen R. Halpin, Jr.
                                        Executive Vice President and
                                        Chief Financial Officer





                                      -6-

<PAGE>

                                EXHIBIT 14(a)(i)