LIVE OAK, Texas – Randolph-Brooks Federal Credit Union said with the aid of West Jordan, Utah-based business lending CUSO Member Business Lending, LLC, it recently completed a successful SBA audit.

DES MOINES, Iowa – TMG Financial Services (TMGFS) said it experienced credit card portfolio growth last year, both organically and through portfolio purchases.

LAKE SUCCESS, N.Y. – DealerTrack Holdings, a provider of indirect lending software, said it has agreed to acquire triVIN Holdings, a privately owned provider of automobile title management services to lenders and vehicle registration services to automobile dealers, for $131 million.

SAN FRANCISCO – Visa on Wednesday said it sold its 10% stake in CBSS to Brazilian-based banks Banco do Brasil and Bradesco for about $100 million.

MOUNTAIN HOME, Idaho – Pioneer FCU said it promoted Curt Perry, its executive vice president, to be president and CEO of the $310 million credit union, the state’s fourth largest.

MADISON, Wis. – University of Wisconsin CU on Monday opened a new branch inside UW Oshkosh’s student union, part of the $1.2 billion credit union’s expansion on the UW campus.

WASHINGTON – A start-up company calling itself Credit Union National Forms Association filed suit in federal court here challenging the right of the 85-year-old Credit Union National Association to trademark the universally known four-letter acronym CUNA.

MOBILE, Ala. – A three-time bank robber who fired a shot from a sawed-off shotgun during a holdup at Alabama Telco CU last April will go to prison for almost 47 years, a federal judge ruled yesterday.

RIVERSIDE, Calif. – Altura CU plans to award $40,000 in scholarships to graduating seniors from Riverside County high schools who are planning to attend college in the fall.

PORTLAND, Ore. – OnPoint Community CU is giving away ski tickets and a weekend stay at a local resort as part of an Ultimate WinterFest Experience sweepstakes.

ALBANY, N.Y. – SEFCU has contributed $300,000 to support the Unity House’s employment training programs.

SUITLAND, Md. – Andrews FCU said yesterday it opened its 12th branch and sixth overseas at the U.S. Army base in Schweinfurt, Germany.

WARREN, Mich. – Extra CU said it signed with TRC Interactive to provide it with its First Line of Defense ~ Fraud Detection and Loss Prevention Challenge, an online interactive exercise that keeps staff alert about the latest scams.

NEW YORK – United Nations FCU has contracted with BMC Software to provide it with IT service management, automation and discovery services.

NEW BERLIN, Wis. – Landmark CU has implemented Integrated Media Management’s Teller Item Capture, TotaleChecks and TotaleReceipts solutions throughout its 18 branches.

BROCKTON, Mass. – HarborOne CU said it has installed Datacard Group’s CardWizard software to instantly issue Visa debit cards on demand at the branch level.

RANCHO BERNARDO, Calif. – A man who robbed a Navy FCU branch yesterday used an old, 22-foot motorhome as an unlikely getaway car.

LOS ANGELES – In a new sign of economic recovery, credit unions are moving tens of millions out of their loan loss reserves, enabling them to reduce red ink, and in some cases, move into the black.

NORWALK, Conn. – The Financial Accounting Standards Board this afternoon took a step back on a controversial plan that would have required credit unions and banks to report all of their financial instruments–including loans--at their current market value. The FASB move comes after an avalanche of comments by credit unions and banks who revile the notion because of the difficulty it would be ascertaining a true market value for their loans and the volatility it would add to their balance sheets. "Today's vote is really a strong result of due process at work," Neal McGarity, a FASB spokesman said in a statement. The proposal would have been especially costly to community development credit unions who typically offer loans at a discount or to members with impaired credit, according to Michael Dougherty, president of Community Plus FCU, a $14 million CDCU in Rantoul, Ill. “It would have negatively affected our balance sheet and our capital ratios,’ Dougherty, who is a certified public accountant, told the Credit Union Journal this afternoon. The seven-member FASB tentatively decided today to permit accounting for “plain vanilla” financial instruments–which will include loans-- at amortized cost, a reversal of a proposal from last year under which most types of financial instruments, including loans, would have to be reported at fair value. Other assets under the tentative FASB proposal would still be reported at fair value, including assets held for sale or trading. The “plain vanilla” assets that would be eligible for cost accounting would be “those instruments where the entity has a relationship with the borrower and the purpose is to be repaid with the collection of interest and fees,” said FASB chairman Leslie Seidman. “We wouldn’t expect securities that are traded in an active market to qualify for this, where the purpose is to hold the asset for a period of time [and sell it].”NORWALK, Conn. – The Financial Accounting Standards Board this afternoon took a step back on a controversial plan that would have required credit unions and banks to report all of their financial instruments–including loans--at their current market value.

PASADENA, Calif. – In what poses at good news for both its members and the credit union movement as a whole which pays to resolve failed credit unions, Wescom CU reported net income for 2010 today of $2.7 million, its first profit since 2006. Wescom, which wracked up $198 million of losses in 2007-2009, is one of several large problem credit unions that are reporting profitable years for 2010 or big declines in losses, as massive charge-offs over the past three years have squeezed much of the bad loans out of the system. San Diego’s North Island Financial CU, which had a $52.4 million loss for 2009, also broke out of the red last year to the tune of an $11.5 million net. So did Schools Financial CU, which reported a $9.2 million 2009 loss, had a slim $1.1 million net for 2010. AltaOne FCU reported a $3.4 million net last year, after an $8.8 million loss for 2009. The improved financial performance by these California credit unions comes as an improving economy has allowed them to vastly reduce their loan loss provisions. Wescom CU, for example, cut its loan loss provisions in half to $47.5 million at year-end 2010. “I think in some sense they’re making the turn,” said Tun Wai, chief economist for NAFCU, who also cautioned that many barriers to profitability remain for credit unions heading into 2011, including anemic loan demand and the certainty of a NCUA assessments for both the corporate credit union bailout and a National CU Share Insurance Fund premium. Still, the early numbers coming out of some of the Sand States credit unions are promising. Desert Schools FCU, the Phoenix credit union giant that had an $81.3 million loss for 2009, trimmed its loan loss provisions by $56 million, helping cut losses to $18.9 million for 2010. Kern Schools FCU in Bakersfield, Calif., cut its losses from $406 million for 2008 to $12.8 million for 2010, after cutting its loan loss reserves in half to $27.5 million.