TMG Financial Services, the credit union credit card portfolio purchasing and investment arm of The Members Group ended 2009 having purchased CU card portfolios worth $116 million in receivables and representing 40,000 accounts.
That represents a year of very strong growth for the last credit union owned card portfolio buyer that is still in the market for portfolios.
"The past year has been a year of extraordinary growth," said Jeff Russell, president/CEO of TMG Financial Services.
"As more credit unions learned about our program, our opportunity to collaborate with partners across the industry grew. Since the beginning we've talked about the various, individual reasons credit unions choose to sell their portfolios. With the uncertain economy and impending changes in regulation demanding credit unions focus more money and resources to managing a portfolio, more are looking for ways to focus on their core competencies. That's where we've been able to step in and provide a member-friendly solution."
TMGFS reported that the last six credit union card portfolios of the year brought 19,000 card accounts worth $59 million in receivables to the CUSO.