SAN FRANCISCO – Cards giant Visa Inc. said yesterday that swelling legal reserves set aside to settle numerous antitrust suits pushed it into the red for its fiscal fourth quarter to the tune of $356 million .

WASHINGTON – The corporate credit unions, which are facing growing losses on their mortgage backed securities, are asking regulators to amend the rules for fair value accounting to take into consideration the unprecedented devaluation of the mortgage markets, in order to ease huge losses the corporates’ books.

WASHINGTON – The growing number of banks getting financial assistance under the Treasury’s Troubled Asset Assistance Program is prompting some in the credit union industry to see that credit unions are also eligible for cash under the bailout program.

HUNTSVILLE, Ala. – The former president of Lauderdale County Teachers CU and a member of the credit union were indicted by a federal grand jury for a scheme to mask a $6 million loan to the members’ business, the U.S. Attorney’s office announced yesterday.

PENSACOLA, Fla. – PenAir FCU said yesterday its president and CEO John Davis, Jr., died Sunday at 52.

MANCHESTER, N.H. – America’s CU Museum will receive a $25,000 Innovation Grant from the National CU Foundation to help the museum expand its financial literacy program.

WINDSOR LOCKS, Conn. – 360 FCU said it has implemented Unitrends’ Data Protection Unit and Data Protection Vault for disaster recovery.

MECHANICSBURG, Penn. – Members 1st FCU has introduced a Internet site to offer other credit unions easy access to information about participating in loans originated by the $1.4 billion credit union.

OMAHA, Neb. – Centris FCU, which is holding almost $11 million in overdue loans to Great Adventures Water Resort, bought the unfinished resort property at a public auction Friday for $1.5 million. The credit union was the sole bidder.

MILWAUKEE – Metavante Technologies, the back-office service provider for credit unions and banks spun off by Marshall & Ilsley last year, said yesterday third quarter earnings fell 30% to $35.1 million, or 29 cents a share.

SALT LAKE CITY – Members of Intermountain CU overwhelmingly approved an emergency merger yesterday into America First CU, the state’s largest credit union.

BROOKFIELD, Wis. – Fiserv reported yesterday that net income for its third quarter declined by 36%, to $78 million, or 48 cents a share, due to costs related to the sale of its Fiserv Insurance operations.

PORT CHARLOTTE, Fla. – Freshman Congressman Timothy Mahoney is apparently self-destructing from a sexual scandal of his own, after barely defeating long-time incumbent Mark Foley, himself turned out of office after a sex scandal.

WILKES BARRE, Penn. – The radio ad opens with Mariachi music in the background, while the narrator bashes Congressman Paul Kanjorski on his stance on immigration; a product of a national anti-immigration group, called Team America.

A Texas savings and loan that had contracted with the defunct Norlarco Credit Union in Fort Collins, Colo., to service millions in Florida mortgages filed a lawsuit last week claiming the National Credit Union Administration illegally repudiated the contract when it took over and liquidated the credit union last year.

PURCHASE, N.Y. – MasterCard agreed to pay Discover Financial Services $862.5 million and Visa has agreed to pay Discover $2.5 billion to settle an antitrust suit Discover brought against the two card giants.

MIRAMAR, Fla. – The early edition of yesterday’s CU Journal Daily Briefing incorrectly reported that Eastern Financial Florida CU’s capital had fallen to 3.7% as a result of $35 million in losses year-to-date. The correct capital figure is 6.3%.

JACKSONVILLE, Fla. – Fidelity National Information Services, which provides back-office services to hundreds of credit unions, said yesterday its third quarter profits plummeted.

CAMDEN, N.J. - A former assistant vice president of loss prevention for South Jersey FCU was sentenced yesterday to 33 months in prison for her scheme to defraud the credit union of up to $400,000.

MOBILE, Ala. -- Two members of the so-called "Hoodies" gang that the FBI cited earlier this year as a major reason for a recent spike in aggressive robberies in the city were sentenced to jail last week for their roles in last April’s armed robbery at Navigator CU.