TMG Card Services Buys 40th CU Card Portfolio
TMG Card Services, the card portfolio purchasing and management arm of The Members Group, has announced the purchase its 39th and 40th CU credit card portfolio.
The two portfolios, one from the Jersey Shore Federal Credit Union in Northfield, NJ and the other from Community 1st Credit Union in Ottumwa, Iowa brought TMG Card Services more than 5,600 accounts and $11 million in receivables.
"As we pass this most recent milestone, we are proud that we continue to work with quality credit unions such as Jersey Shore and Community 1st to provide a competitive, long-term credit card product," said Jeff Russell, CEO of TMG Financial Services.
While the pace of CU credit card portfolio sales have slowed dramatically since 2008, Russel noted that some credit unions are still looking at the portfolio sale options.
"Credit unions of all size and in all parts of the country are still focused on identifying their core competencies, which includes the ability to manage their credit card portfolios. The CARD Act continues to redefine the rules of running a profitable, successful portfolio," Russell said. "Now more than ever, credit unions are examining how they can provide a competitive credit card program that members will respond to. They continue to have discussions that include selling their portfolio, as well as looking at how they can leverage the solutions offered by their existing credit card processing partner. As the only credit union-centric agent-issuer solution, we continue to be involved in many of these conversations. And, because of this ongoing dialogue, we expect the number of portfolio sales to increase throughout the next 12 months."