MADISON, Wis. — CU BizSource has been acquired by CUNA Mutual Group from MEMBERS Development Company, CUNA Mutual said July 3.
CU BizSource is a credit union member business lending support company that provides certification and participation services to credit unions. A primary function of CU BizSource is to develop and maintain underwriting standards for credit unions looking to participate in loans through CUNA Mutual's CU System Fund-Member Business Lending Fund. CU BizSource has certified 27 credit unions and CUSOs.
"The acquisition will be transparent to current customers that sell loans to, or invest in, CU System Funds," said Jim Metz, senior vice president, CUNA Mutual Asset Management. "Likewise, there will be no change in the certification process. Credit unions that are certified, or are in the process of certification, will be unaffected, and they will continue to have access to the MBL Fund to sell loan participations."
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