MADISON, Wis. – The first court challenge of the Unrelated Business Income Tax as applied to credit unions gets under way in this morning with Community First CU and the Internal Revenue Service grappling over how the jury should be instructed.

NEW YORK – M&F Worldwide Corp., the holding company controlled by financier Ronald O. Perelman that combined check printers Clarke American and John H. Harland Co., reported a healthy net income of $51.3 million based on the buyback of debt it accrued in the two takeovers at a steep discount.

WASHINGTON – Fannie Mae said Friday it needs an additional $19 billion in government aid after reporting a $23.2 billion loss for the first quarter.

VANCOUVER, Wash. – Columbia CU’s new Washougal branch was awarded one of the highest certificates of environmental and energy efficient design by the U.S. Green Building Council last week.

TUMWATER, Wash. – O Bee CU is celebrating the grand opening of their new Lacey branch, with three days of special events, and is also launching a new Pay-N-Save Auto Loan Program that rewards responsible borrowers who pay on time each month.

LATHRUP VILLAGE, Mich. -- Michigan First CU held an on-site car sale as part of its Preferred Dealer Program Friday and Saturday.

PORTLAND, Ore. – OnPoint Community CU said Friday it hired James Hunt, a former senior vice president for finance for Washington Mutual, as its new chief financial officer.

ALEXANDRIA, Va. – Pentagon FCU is offering members 5% cash back on airline ticket purchases made with their Visa Platinum Cash Rewards card.

DENVER – Members of Jeffco CU last week approved the merger of the $175 million credit union into Westerra CU, the state’s third largest credit union.

APPLE VALLEY, Calif. – High Desert FCU, which has been operating under NCUA conservatorship since October, has put its new headquarters building on the market for less than it cost to build.

BASKING RIDGE, N.J. – On or about December 17, 2007, an individual purporting to be a member of Affinity FCU called the credit union about a home equity line of credit for which the member had an available balance of $810,000.

NEWARK, N.J. – A man responsible for digging up Social Security numbers and other personal data that was used to siphon millions of phony home equity lines of credit from credit unions and banks was convicted here last week on bank fraud charges.

WEST PALM BEACH, Fla.-Non-subscribers to CU Journal are now being offered a very special premium for becoming a Journal subscriber-"50 Cost Savings and Expense Management Ideas." Drawn from CUs and consultants, none of the strategies included have been featured to date in CU Journal, and represent tens of thousands of dollars in potential savings, if not more. And the cost-savings begin with the discounted rate of $99 for one year of Credit Union Journal and full online access. Watch for details.

CUs Face Off In Court With IRS Over UBIT

WASHINGTON — When FDIC FCU and NSF FCU officially combine operations here June 1, it will be under a new name and a new business model to which it is hoping to attract other credit unions.

SAN JOSE, Calif. — Credit unions across the country are taking aggressive steps to keep members in their homes and cut down on delinquencies that have pushed many a bottom line into the red.

MADISON, Wis. — Re-regulation of the financial services-particularly having just one regulator for all financial institutions-is up for consideration, so Filene Research Institute is delving into what such a change would mean for CUs.

* Participation in REAL Solutions is not required to apply for a grant from the National Credit Union Foundation.

CORONADO, Calif. — The biggest mistake a credit union can make: allowing your competition to price your loans.

SAN DIEGO — Looking for some ideas to steal?