Executive Summary 05/02/2008

By Christian Mullins

Executive Summary:

As expected, the Federal Reserve cut its key interest rate 0.25%, adjusting it to 2.0%, the lowest rate since December 2004. While previous cuts haven’t translated to a substantial decline in mortgage loan rates, it is hoped that the cut will stave off recession.

Continuing last weeks ‘green’ theme, Credit Union One of Oklahoma will offer a 0.5% rate reduction on all environmentally friendly vehicle loans, at a savings of $200-$300 per member. The full list of accepted green vehicles can be found at www.ega.gov/greenvehicles.

The Office of Thrift Supervision, responsible for the regulation of Savings & Loans, signed off Thursday on a seven point plan designed to reform the credit card industry. The Federal Reserve and National Credit Union Administration, co-architects of the plan along with the OTS, are expected to approve the plan as early as today. This plan is separate from legislation that is pending in both houses of Congress and does not need their approval.

Robbed:

• Nothing to report today.

Arrested, Arraigned, Charged, or Sentenced:

• Lawrence Epps, a former police officer accused of robbing Mississippi Employees CU last week, was arrested outside Jackson’s federal courthouse Thursday.
• Two men were arrested 20 minutes after allegedly committing their second robbery of the day Thursday. Ricky Hernandez and Anthony Pressley are accused of robbing the Pennsylvania CU in Palmyra, Pennsylvania, then a bank in nearby Derry. No one was injured in either robbery.