CHAMPAIGN, Ill. – Four local men were sentenced to prison Monday for their roles in string of armed robberies, including January’s theft of $313,000 from Commonwealth CU in Kankakee. The four were part of a gang of eight who robbed banks and other businesses, netting more than $420,000. The four other gang members pleaded guilty last year. The 28-year-old leader of the gang, Brad Williams, was sentenced to life in prison without the possibility of parole.

PORTLAND, Ore. – OnPoint Community CU and Countrywide Financial unveiled a joint mortgage venture yesterday that will market the mortgage lender’s products and services directly to members of the state’s largest credit union. The joint venture, called OnPoint Mortgage, marks the first time the nation’s largest mortgage lender has partnered directly with a credit union. OnPoint Mortgage will offer more than 140 mortgage products and services to OnPoint’s 180,000 members. The $2.3 billion credit union is currently hiring mortgage officers in 11 branches.

CEDAR FALLS, Iowa – The state Board of Regents approved a deal with University of Iowa Community CU yesterday for on-campus financial services that will allow students, faculty and staff to use their university ID cards as debit and ATM cards. The credit union will also process the University’s bills and department deposits, under the deal. The deal comes just two weeks after members of the $525 million credit union voted to retain the credit union’s historic ties to the University by recalling a change in name to Optiva CU. Under the new deal, the credit union has also agreed to open at least one on-campus branch and maybe two.

OAKLAND, Calif. – Four suspects were arrested in connection with as many as a dozen credit union and bank hold-ups after one of the accomplices was caught robbing Financial Benefits CU in nearby Alameda. The ringleader is believed to be Keenon Wilkins, 33, of Fremont, a music producer and rap group manager, who gambled away much of the stolen loot in Las Vegas, according to police. Wilkins was arrested last Tuesday, hours after he is believed to have participated in a takeover robbery of Comerica Bank in Sam Ramon. The following morning Wilkins’ sister, Chereece Kizzie was also arrested in connection with the robberies, which included heists at two Patelco CU branches, an UNCLE CU branch and attempted hold-up at Meriwest CU. Some of the robberies netted the gang more than $100,000. Wilkins and his sister were implicated by an alleged accomplice Samuel Bryant, who was captured after robbing Financial Benefits CU. Also arrested and charged in the robbery spree was Wilkins’ wife, Janene.

FORT WORTH, Texas – State National Companies announces yesterday theaddition of two billion dollar credit union clients, Patelco CU and Bethpage FCU. The collateral protection will insure the two multi-billion dollar credit unions against losses in their auto loan portfolios. Prior to selecting State National, Patelco and Bethpage were both selfinsured.

HOUSTON – Cardtronics Inc., the world’s largest ATM operator and a major credit union partner, reported that a settlement agreement with a large customer, Winn-Dixie Stores Inc., enabled it to book a fourth quarter profit. Cardtronics, the parent of the surcharge-free Allpoint Network, said the recognition of $4.8 million in other income, most of it from the Winn-Dixie settlement, allowed it to report a $2.4 million profit for the fourth quarter, compared to a $1.6 million loss for the fourth quarter in 2005. Fourth quarter revenues rose 7% to $74.8 million. However, Cardtronics continued to report losses for its fiscal year of $327,000, down from losses of $2.4 million for fiscal 2005. Fiscal year revenues rose 9% to $292.6 million. The company, which owns or operates more than 25,000 ATMs, is expanding aggressively into Mexico and the United Kingdom.

NEW YORK – M&F Worldwide, the investment vehicle for financier Ron Perelman, said last year’s acquisition of check-printer Clarke American allowed it to report a profit for the fourth quarter. Net income for the quarter was $6.6 million, compared to a loss in the fourth quarter of 2005 for the period prior to the Clarke American acquisition. For the full year, net income increased by 50%, to $36.2 million, almost all of it due to the Clarke American business. M&F, which is controlled by Perelman, is in the processing of acquiring John H. Harland Co. and combining Harland’s check printing business with Clark American to create the nation’s largest check printer. Harland shareholders are scheduled to vote on the $1.7 billion takeover on Wednesday.

SANDY, Utah – Granite CU plans to open a branch in the new Wal-Mart Super Center, opening here Wednesday, just the latest of a string of new Wal-Mart branches planned by credit unions. At least three other credit unions are also opening branches inside the retail giant’s outlets this month, Service CU, in New Hampshire, Desert Schools FCU in Arizona and Members CU, in Winston-Salem. Wal-Mart has more than 1,300 financial institution branches in its stores, more than 130 of which are credit unions.

KENSINGTON, Md. – Lawyers for Lafayette FCU have issued a series of broad ranging subpoenas in connection with a multi-million dollar suit against the credit union’s former CEO, seeking comprehensive information from a variety of groups who helped defeat their bid to convert to mutual savings bank. Lawyers for the credit union, which is suing former CEO Bill Brooks who it alleges helped defeat the conversion, have issued subpoenas seeking all correspondence regarding the conversion to: the National Center for Member Trust, the National Cooperative Business Association, the Maryland and District of Columbia CU Association and Virginia attorney Steve Bisker, according to one target of the subpoenas. The parties all helped organize members to oppose the conversion, which officials of the $330 million were forced to halt after a contested vote. Separately, Lafayette has hired high-powered Washington law firm Williams and Connolly to represent it in an ongoing investigation by NCUA into the ill-fated conversion vote.

ST. PAUL – A bill introduced in the state legislature last week would legalize the payment cards security measures now required by MasterCard and Visa USA. The bill, backed by the credit union lobby, targets the major reason cited by credit unions for the proliferation of cards data breaches–the retention of transaction records that have been stolen in several major breaches. Both MasterCard and Visa require the destruction of customer records after completion of the transaction under their joint Payment Card Industry data security rules, but those rules are not legally binding. Many users of the data save the information for marketing and other purposes. The Minnesota bill, introduced in the House last week, would also allow credit unions and banks to recover costs for reissuing cards, even when there has been no fraud detected. Congress is reviewing similar proposals as part of a national law.

WASHINGTON – Major sectors of the mortgage market began to stake out turf yesterday during the onset of congressional debate on a new regulatory scheme for the secondary market. Both the thrift lobby’s America’s Community Bankers and the National Alliance of Independent Mortgage Brokers urged lawmakers during the first hearing on the bill to regulate housing’s government sponsored enterprises to ensure that neither Fannie Mae or Freddie Mac will encroach on mortgage originations, the so-called primary market. But the community bankers lobby, the Independent Community Bankers of America, and NAFCU insisted there should be no ‘bright line’ barring the two secondary market giants from developing or creating new products and services to help smaller mortgage lenders. The president of the Federal Home Loan Bank of Pittsburgh urged Congress to allow the 12 FHLBs to securitize more than $1 billion in mortgages to help them expand their fledgling secondary market alternative to Fannie and Freddie, known as Mortgage Partnership Finance. Several bankers also expressed concern that Congress might expand the powers of the Farm Credit System, another GSE, and insisted the possibility of adding another federally-backed competitor should not be part of the current GSE bill. A bill introduced Friday in the House Financial Services Committee is similar to one that passed the full House in the last Congress and would create a new regulator for Fannie, Freddie and the FHLBs; set new capital standards for the housing GSEs; and allow the regulator to limit the portfolio size of Fannie and Freddie. Members of the committee hope to vote a bill as early as next week.

BROOKLYN, N.Y. – A federal jury was deliberating yesterday on the first case of a multi-million dollar member business-loan-scheme-gone-bad that sunk Central CU. The $75 million credit union merged last year with Progressive CU after it was forced to write-down almost $17 million in business loans brokered by a local figure in the Greek community. The broker, Theodore Georgacopoulos, is being sought by authorities and is believed to have returned to Greece; but one of the businessmen, Daniel Eleftheriades, is on trial here for conspiracy in connection with a $300,000 loan he got from Central CU. Losses on 33 MBLs are estimated at around $7 million, but could be more or less, a lawyer in the case told The Credit Union Journal yesterday. Prosecutors claim Georgacopoulos helped qualify the borrowers by filing false loan applications and documentation. Progressive CU filed suit in federal court here last month against CUNA Mutual, claiming the credit union insurer has shortchanged it on the bond coverage by at least $3 million. The suit also claims that Ira Rudin, who was fired in 2005 as Central CU’s CEO, embezzled as much as $200,000, which should also be reimbursed by CUNA Mutual. Rudin has not been charged with any wrongdoing.

DALLAS &mdasph; Three more credit unions have sold their credit card programs to TNB Card Services. The three CUs involved in the transactions are 1st University Credit Union of Waco, Texas, $13.5 million in assets, 3,500 members; White Crown Federal Credit Union of Denver, Colo. $45 million in assets, 9,200 members; and High Plains Federal Credit Union of Clovis, N.M., $37 million in assets and more than 8,000 members.

OXFORD, N.C.—For the second time in three weeks, the Oxford Credit Union was the victim of an armed robbery. According to local news reports, a man brandishing a semi-automatic handgun walked into the CU last Friday and demanded money. The suspect is described as a black male, 5’9”, wearing blue jeans and a black short-sleeved shirt. It was unknown whether the suspect in this second robbery is the same person who robbed the credit union several weeks ago.

MEDFORD, Ore.—Rogue FCU is offering $50,000 to be used toward a gym floor for the Santo Community Center in exchange for having the CU’s logo emblazoned at center court. The new gym floor is part of remodeling and expansion project for the center. The naming rights agreement is pending approvay by the Medford City Council.

DUBLIN, Ireland—Irish credit unions soon will be able to offer Personal Retirement Savings Accounts (PRSAs) to their members without seeking special permission, once new regulations introduced by the nation’s Minister for Finance are implemented. Previously, CUs had to apply for the right to offer PRSAs individually. The new rules come on the heels of discussions among the Department of Finance, the Pensions Board, the Registrar of Credit unions and the Department of Social and Family Affairs.

DALLAS—Three more credit unions have sold their credit card programs to TNB Card Services. The three CUs involved in the transactions are 1st University Credit Union of Waco, Texas, $13.5 million in assets, 3,500 members; White Crown Federal Credit Union of Denver, Colo. $45 million in assets, 9,200 members; and High Plains Federal Credit Union of Clovis, N.M., $37 million in assets and more than 8,000 members.

DALLAS, TEXAS –Texans CU is taking the age-old tradition of parents doling out allowances to children for performing their chores and given it a new-fangled twist. The CU will be the first financial institution to offer the pre-paid MasterCard that comes with an online tool that allows parents to assign chores and their monetary value. Children can then log on and check off chores as they are accomplished, and then parents can load the card electronically with the appropriate allowance earned. The program is designed for parents to help manage their teenagers’ allowances while teaching teens how to manage their finances. The PAYjr system also provides email notifications to keep parents and teens aware of card activity including balances and loads to the card.

WASHINGTON—House Financial Services Committee Chairman Barney Frank, along with Reps. Richard Baker (R-LA), Mel Watt (D-NC) and Gary Miller (R-CA) Friday introduced bipartisan legislation to overhaul the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The legislation, H.R. 1427, the “Federal Housing Finance Reform Act of 2007” will create a new, independent regulator with broad powers analogous to current banking regulators. In addition, the bill creates an off budget and non-taxpayer financed affordable housing fund, which will dedicate hundreds of millions of dollars for the construction, maintenance and preservation of affordable housing with the first year of the fund to be dedicated to the hurricane stricken areas of the Gulf Coast. Additionally, a subcommittee of the full financial services panel today is holding a hearing on the status of the nation’s secondary mortgage market.

EL SEGUNDO, Calif.—Continental FCU here is calling an attempt by Wings Financial FCU to convince Continental members to push the CU’s board to accept a merger proposal put forward by Wings the first hostile takeover attempt by one CU of another in the history of the credit union movement. After a series of discussions between the boards and management teams of the two credit unions over an 18-month period left Continental FCU still uninterested in Wings’ proposed merger, the Apple Valley, Minn.-based Wings decided to go public with its proposal in hope of appealing directly to the members of Continental. Wings is encouraging Continental members to sign an online petition created by Wings asking the Continental board to consider the proposed merger. In addition to promising lower loan rates, higher savings rates, lower fees and better service for Continental members following such a merger, Wings is also offering a one-time merger payment of approximately $200 per member when the merger is completed.