Citing changes in some long established economic patterns and the strengths of credit union cooperation, TMG Financial Services launched a finance CUSO that will help other CUSOs fund their operations, particularly their lending.
The corporate network has now hit rock bottom "and we're on the way up," in the view of the president/CEO of the Missouri Corporate Credit Union.
Building on its previous success and experience with purchasing credit union credit card portfolios, TMG Financial Services has announced it will do something similar for other CUSOs seeking credit lines.
Excess liquidity, low term deposit rates and a changing corporate network have boosted the two-year-old Accolade Investment Advisory, LLC to $905 million currently under management.
Members of the $252 million Midwest Corporate FCU haven't yet voted to liquidate their cooperative. However, Board Chair Eric Musland, CEO of the $16.4 million LaMoure Credit Union, said liquidation "will probably happen."
Later today, the $22 billion Western Corporate FCU will announce $25.4 in new OTTIs due to monoline insurer Ambac's declining ability to meet bond insurance claims, NCUA spokesman John McKechnie told the Credit Union Times.
As the person interviewed for your online story of March 23 ("Symitar Eyeing CUs Unwilling to Recapitalize"),
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Since reading both Editor-in-Chief Sarah Snell Cooke's comments and those of Fred Becker regarding cooperation among credit unions [CU Times, Feb. 3], I have been thinking a lot about this subject.
The Association of Corporate Credit Unions will decide whether or not to replace Executive Director Brad Miller during CUNA's Government Affairs Conference, said Executive Committee Chairman Steve Roy.