In a move projected weeks ago, another Nevada credit union, the $147 million Cumorah CU of Las Vegas collapsed over the weekend becoming the first major privately-insured CU to fall victim to the recession.

With Friday's failure of Cumorah Credit Union, the head of the industry's primary private insurer expressed new confidence in the health of the private system maintaining that "all the right moves" were made in the out-of-state Nevada takeover.

Credit card issuers would have to immediately stop raising interest rates on existing balances under the provisions of a bill introduced today by Senate Banking Committee Chairman Christopher Dodd (D-Ct.).