BOSTON -- The prepaid debit and payroll card industry is emerging as a formidable force in U.S. consumer financial services, according to a report from Aite Group.

ODESSA, Texas – A former loan processor for First Basin CU was sentenced to eight months in prison last week for embezzling $30,000 from the credit union.

WOBURN, Mass. – A man was charged with cashing his dead friend's disability checks at St. Mary’s CU and selling the dead man’s van, taking about $25,000 in profits.

RICHLAND, Wash. – HAPO Community CU has hired a local architectural firm to design a renovation and addition to its 47,000 square-foot offices.

EVANSVILLE, In. – Centra CU, the mortgage holder on the old Riverhouse Hotel, bought back the troubled property Friday at a sheriff’s auction to protect its original investment.

YUMA, Ariz. – The FBI has launched a criminal probe of potential fraud involving member business loans that have driven AEA FCU to the verge of insolvency, sources confirmed to the Credit Union Journal.

SALT LAKE CITY – Beehive CU, the erstwhile convert to bank, has come under intense regulatory scrutiny in recent weeks after reporting a $5.8 million loss and the elimination of all of its net worth in the third quarter.

WASHINGTON – Regulators closed another four banks Friday, making a total of 143 bank failures so far in 2010 and exceeding last year’s total of 140.

BEAVERTON, Ore. – Mayor Denny Doyle presented ceremonial checks Friday to three local credit unions and four banks representing a total of $1.7 million of city funds–$240,000 each-- being deposited in those institutions.

HONOLULU – Aloha Pacific FCU last week agreed to acquire the Central Pacific Bank Kaimuki Plaza building from the troubled bank for $20.8 million.

WASHINGTON – The federal government, which has been operating Fannie Mae and Freddie Mac under conservatorship since September 2008, reported Friday that the two mortgage giants lost another $7.8 billion in the third quarter and will need another $2.6 billion in financial aid–but paid the government $3.7 billion in dividends–the first time the payouts have exceeded the company’s financial aid.

LAKE MARY, Fla. – The computer desktops at CFE FCU last twice as long as those at other credit unions and they're most likely more secure, because the desktops are virtual–CFE is the first credit union in the country to deploy the pint-sized machines by Pano Logic at 300 workstations across the $1.2 billion credit union.

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WALL STREET – NCUA plans to offer another $5.48 billion of NCUA Guaranteed Notes next week, its third offering over the past month of bonds created from the cash flows of mortgage-backed securities owned by failed corporate credit unions.

ALEXANDRIA, Va. – Pentagon FCU, which has emerged as one of the leading mortgage lenders in the Washington, D.C., market, said it plans to open as many as ten new offices of its wholly owned PenFed Realty CUSO.

KANSAS CITY, Mo. – A former branch manager for Media First CU was sentenced to two years in prison Wednesday for embezzling about $475,000 from the credit union for employees of the Kansas City Star newspaper.

MEMPHIS, Tenn. – Evangelical Christian CU this week filed a foreclosure notice against Greater Hope Baptist Church, the latest in a string of church foreclosures plaguing the nation’s faith-based lender.

WORCESTER, Mass. – The historic Bull Mansion, also known as the Grand Army of the Republic building, was sold yesterday at foreclosure auction by Digital FCU for $600,000.

LA CROSSE, Wis. – Altra FCU has selected TRC Interactive to deliver First Line of Defense ~ Fraud Detection and Loss Prevention Challenge, an online interactive exercise for credit unions that help keep their staff sharp, focused and alert to the latest scams.

SAN FRANCISCO – San Francisco FCU said yesterday it has signed with California Reverse Mortgage Consultants to offer reverse mortgages to its members.