WASHINGTON – TNB Card Services Executives attending CUNA’s GAC said the firm purchased card portfolios from 18 credit unions in 2003 and partnered with 10 others to start programs in an agent relationship. TNB also entered agent relationships with the credit unions whose portfolios it purchased. Glen Lee, senior vice president for the company, which is the card services arm of Town North Bank, acknowledged that many of these purchases were for smaller portfolios but stressed that TNB was not specializing just in that market. “We are willing to look at any size portfolio,” he said. But Lee also admitted that the firm had sought to use its credit union ownership to distinguish itself in a market in which non credit-union owned banks predominate as buyers. Keeping their card portfolios in the hands of a credit union-owned firm, as well as working with a firm with very strong credit union connections are things that TNB’s credit union partners have sought, Lee explained. He also noted that the firm has seen an increase of interest from credit unions seeking TNB’s advice and assistance in managing their card portfolios last year.
The disruption could introduce new risks into the system by compelling banks to loosen lending standards and take on greater risk.
The CDFI awards support to developers, renters and buyers.
Without email authentication standards, hackers don’t need to compromise accounts to send emails that impersonate FIs.
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