DALLAS – Effective Nov. 21 all of Southwest Corporate’s brokerage accounts will be moved to CU Investment Solutions, Inc. (ISI), a subsidiary of U.S. Central. Southwest Corporate joins Empire Corporate and WesCorp as the latest corporate converts to ISI. Southwest cited cost savings. “It has gotten to the point where the cost of operations and regulatory compliance issues are making it necessary to find greater efficiencies,” explained Bruce Fox, Chief Investment Officer for Southwest Corporate Investment Services. The broker/dealer has been in operation since 1998 and serves approximately 150 credit unions. In a letter, Southwest Corporate advised its broker-dealer client credit unions that the switch over to the ISI relationship would be “cost-free and will be virtually seamless for your credit union.” “The Southwest Corporate Investment Service employees you have worked with in the past will continue to provide you with the service you need. They will be registered representatives of ISI, rather than of SCIS, but will continue to serve you from Southwest Corporate Federal Credit Union’s offices in Plano, Texas,” stated the letter.
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.
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