Longtime credit union consultant and CUSO executive Mike Hales has joined CU Revest LLC as executive vice president and strategic relationship director.
The San Diego-based CU Revest, which is a CUSO owned by Servatus Corp. and several credit unions, offers strategies to credit unions to help improve their balance sheet position and earnings by recapturing value lost in severely delinquent and charged-off , non-real estate secured consumer loans and leases.
“Mike brings broad credit union and CUSO management experience and many years of relationship building to the table representing the CU Revest capital recovery and member rehabilitation model,” said Michael Joplin, president/CEO of Servatus and CU Revest.
Hales said in his new role, he hopes to bring awareness to a service that can help credit unions and members.
“Its unique and tested business model restores much-needed capital for credit unions while providing credit rehabilitation opportunities for valuable members who have fallen victim to a long, harsh economy,” Hales said about CU Revest.
Through CU Revest and its credit servicing affiliate Credit Solutions Corp., Servatus has 15 years of experience in valuation, purchasing, managing and liquidating more than$1.2 billion in severely delinquent consumer charged-off debt, according to the CUSO.
Culminating a 20-year career in consumer and commercial lending and bank executive management, Hales joined the credit union consulting firm Counter Intelligence Associates in 2002, later becoming the firm’s president.
He was one of the original founders of The Rochdale Group which purchased Counter Intelligence Associates from $ 1.9 billion CommunityAmerica Credit Union in Lenexa, Kan., in 2006, according to CU Revest.
As a credit union consultant and expert in collaborative business modeling, Hales specialized in CUSO design and development while helping create and launch 16 multiple credit union-owned CUSOs, his new employer said.