By the 1990s, the lending landscape in South San Francisco had changed considerably since a group of teachers came together in 1954 to charter a new credit union for access to small, personal loans.
Six months after Business Partners LLC, the member lending subsidiary founded by the failed Telesis Community Credit Union, changed owners, the CUSO is starting to emerge from a bleak and dark fog.
Reduction in overhead costs cited as largest contributor to CUSO's recent performance post-Telesis.
When a litany of loan and management problems led to the demise of Telesis Community Credit Union earlier this year, the business lending CUSO it founded 17 years ago likely knew it would inherit a perception problem within the industry.
This preview from next week's print edition focuses on the challenge faced by Business Partners LLC following the Telesis collapse.
Public Service Credit Union, Denver, recently announced that residents of Adams and Weld counties are now eligible to join PSCU. Building on an existing Larimer County community charter, the addition of these two community charters opens up membership to more than 900,000 people.