Are the days of simply creating back office efficiencies becoming old hat as credit unions continue to generate ways to remain relevant to their members?
It is not an understatement to say that the CARD Act has turned the credit card industry on its ear. But, credit unions, by maintaining their focus on offering the best card product available to members, can still be true to who they have always been.
TMG Financial Services made its first after tax profit from its purchased card portfolio, according to a letter the CUSO sent to investing credit unions.
TMG Financial Services, the credit union credit card portfolio purchasing and investment arm of The Members Group ended 2009 having purchased CU card portfolios worth $116 million in receivables and representing 40,000 accounts.