WASHINGTON – The FDIC on Tuesday took its first step toward eliminating the use of credit ratings in rules for banks, under a mandate of the new financial overhaul law and issued for comment proposed alternatives to relying on credit rating agencies to assess the risk of investments.

MOUNTAIN VIEW, Calif. – Security software maker Symantec yesterday said it completed the $1.28 billion acquisition of VeriSign's Web-authentication business.

ATLANTA – First Data Corp. yesterday reported a $171.2 million loss for the its fiscal second quarter, as huge debt taken on to finance the payments processor’s 2007 takeover by private equity giant Kohlberg Kravis Roberts & Co. continued to take a heavy toll.

FORT WAYNE, Ind. – Midwest America FCU is collecting items to send to military forces in Afghanistan through the end of September.

LATHRUP VILLAGE, Mich. – Michigan First CU is hosting its annual summer "Loan Zone" car sale Aug. 13-14.

INDIANAPOLIS – Financial Center FCU is partnering with the North Central High School athletic department to offer a free checking account and debit card that will give back a percentage of the revenue generated to the school at no cost to the cardholder.

REDWOOD CITY, Calif. – State regulators quickly cleared San Mateo CU to acquire ailing Palo Alto Community FCU.

WASHINGTON – A federal judge yesterday gave troubled Kappa Alpha Psi FCU 24 hours to work out an emergency merger with HOPE Community FCU to avoid a wholesale liquidation by NCUA.

RIVERWOODS, Ill. – Discover Financial Services said its Discover Student Loans unit is celebrating its third anniversary by reducing its lowest interest rate to 3.75%.

WASHINGTON – Freddie Mac announced another big loss yesterday – $6 billion for the second quarter – prompting it to request another $1.8 billion of government assistance.

BASKING RIDGE, N.J. – Affinity FCU said its 13th annual Golf Invitational raised more than $110,000 for the credit union’s non-profit foundation.

NORTH AUGUSTA, S.C. – SRP FCU has partnered with United Technology Group and NetApp to install a back-up data system and redundant disaster recovery bunker.

TICONDEROGA, N.Y. – Ticonderoga FCU is calling for students to compete for prizes, including a $5,000 college scholarship, by submitting videos about how to use debit, credit and ATM cards responsibly.

LANSING, Mich. – Lake Trust CU plans to build a new branch in Ann Arbor at a site that once housed a Fidelity Bank branch.

VIENNA, Va. – Navy FCU has signed a lease to open a branch here, slated for December.

BILOXI, Miss. – Keesler FCU is teaming with Biloxi High School to open the only in-school branch in the state of Mississippi.

LOS ANGELES – One of three suspects charged with using a high-powered thermal lance to cut open a Los Angeles FCU ATM then empty the machine of almost $80,000 two years ago was sentenced in federal court yesterday to 190 months in prison and ordered to pay $124,000 restitution, which includes the damages to the ATM.

ALEXANDRIA, Va. – NCUA lawyers are expected to tell a federal court this afternoon the agency refused to lend further assistance to Kappa Alpha Psi FCU, the nation’s first online-only credit union, and moved to liquidate the institution because it had no chance of being returned to financial health.

SAN FRANCISCO – Four credit unions have partnered in a program to make loans for taxi medallions, days after San Francisco launched an enabling program.

ALEXANDRIA, Va. – A federal court tomorrow will hear a plea by Kappa Alpha Psi FCU, the nation’s first online-only credit union, to block an August 3 liquidation order by NCUA.