WASHINGTON – Just as the Federal Reserve was moving to bail out the mortgage backed securities market, a group of House members was calling on the Fed to pump liquidity into the student loan market to help avert a crisis.

WASHINGTON – The Federal Reserve again lowered short-term interest rates yesterday, in an action that is expected to put more pressure on credit unions’ profitability.

WALL STREET – Fitch Ratings, citing continued risk in the investment portfolio at U.S. Central FCU, downgraded both the senior debt and the overall issuer default rating for the credit union central bank yesterday.

WALL STREET – In some good news for credit unions, Visa yesterday raised $17.9 million with its initial public offering of 406 million Class A shares at $44 each in the biggest U.S. IPO ever.

PORTLAND, Maine – Credit unions throughout the Northeast and in Florida were struggling yesterday to notify members of the possible compromise of their account information and to shut down targeted cards after supermarket giant Hannaford Bros. disclosed a massive data breach of its accounts.

ALBANY, N.Y. – Hundreds of credit unions throughout the East Coast were reissuing MasterCard and Visa credit and debit cards yesterday after they were notified by the two card companies of a new security breach that may have compromised millions of credit union and bank accounts.

KANSAS CITY, Mo. – In another major subprime mortgage bailout yesterday, vulture investor Wilbur Ross announced an agreement to acquire H&R Block’s failed subprime mortgage unit, known as Option One.

NEW ORLEANS – A pastor at Pilgrim Missionary Baptist Church last week was charged with fraud for allegedly using his account at ASI FCU to launder $45,000 in Hurricane Katrina relief funds for his own use.

MINNEAPOLIS – Wolters Kluwer Financial Services yesterday rolled out a new mortgage document system that will help lenders and borrowers make the closing process for first mortgages and home equity loans simpler, faster and cheaper.

ANCHORAGE, Alaska – Alaska USA FCU yesterday announced it has gone live with Metavante's Loan Origination System point-of-sale solution for its mortgage operations.

WEST MONROE, La. – Forest Kraft CU yesterday said it has hired LEVEL5 to provide it with strategic consulting, real estate, integrated design, construction management and branding services.

BOULDER, Colo. – Elevations CU said it plans to add three new branches in Boulder County within the next year.

SAN DIMAS, Calif. – Financial Service Centers Cooperative yesterday said it expected to pay its member/owners a patronage dividend of more than $1.2 million for transactions performed in 2007, down from a $2 million payout the year before.

LANSING, Mich. – In a new twist to a much-copied hit television series, Michigan State University FCU plans to make over two students, one male and one female, graduating from the university.

MADISON, Wis. – Summit CU and Great Wisconsin CU yesterday announced they have obtained all approvals for their combination, creating the state’s largest credit union.

WALL STREET – Hundreds of credit unions are going to find themselves with extra funds starting tomorrow when the Visa Inc. initial public offering hits the markets as the largest IPO in history.

WASHINGTON – The Federal Reserve is expected to continue its efforts to pump more liquidity into the credit markets by cutting short-term interest rates again this afternoon.

HARTFORD, Conn. – A former West Hartford police officer was sentenced to 18 months probation for structuring currency transactions to evade money laundering reporting by his credit union.

GAUTIER, Miss. – A man who held-up Navigator CU Friday by claiming he had explosives strapped to his body was captured within minutes of the heist.

GLOVERSVILLE, N.Y. – Fulton County FCU on Friday said it deactivated some debit cards because of the theft of card numbers and PINs.