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ST PETERSBURG, Fla. – Asset Exchange, a former leading broker of CU card portfolios will be urging credit unions take a more cautious stance toward the still controversial transactions as part of a web event sponsored by a well known portfolio sale opponent.
“What we will say is that credit unions who are thinking about selling their portfolios need to think it through very carefully,” said Willie Koo, CEO of the card broker which was purchased by card processor Fidelity National Information Services. The web event is sponsored by Card Services for Credit Unions, the association of credit unions which process their card transactions with FIS.
“As long as they own that portfolio they have options of what they can do to improve it,” Koo said. “But once they sell it, the portfolio will not be theirs for five or more years.”
Koo said firm will also present information which will shed light on how relatively dissatisfied credit unions who had sold turned out to be with their decisions.
Asset Exchange surveyed credit unions who had sold their card portfolios even before the purchase by FIS and was surprised to find as much unhappiness as it did about the sales, Koo said.
