Iowa agent issuer wins the business the $5 billion Mutual of Omaha Bank.
Two credit unions that had previously sold their portfolios to agent issuers are replacing national bank issuer contracts as they expire, they said.
TMG Financial Services, the agent issuing card arm of The Members Group, a payments CUSO affiliated with the Iowa Credit Union League, said that 19 credit unions have opted to begin offering business credit cards through an agent issuing relationship with the organization.
Shazia Manus takes TMG job after serving as CEO of Greater Iowa Credit Union.
CUs going with TMG as contracts expire with national bank issuers.
The Members Group, the Des Moines-based card and payments processor serving credit unions, is losing its long-time president/CEO, Tom Kuehl, who is retiring by year end.
Many credit unions are right now creating strategies and evaluating tactics for attracting underserved consumers to their institutions.
Accept this reality: How corporate credit unions were will not be again, at least not soon.
There are signs credit unions have begun to organize themselves to meet their and members’ needs for temporary mortgage finance. It’s called warehouse financing.