X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wescom Credit Union and PSCU have proposed a new CUSO to buy and manage credit card portfolios. It is a service credit unions are by regulation allowed to undertake. The idea is brilliant. It keeps the credit card business within the movement. Of course it meets with great consternation by the bankers. Why am I not surprised? Buying credit card portfolios has always been the bankers’ right. Who would have the audacity to try to change this? Darren Williams, president/CEO of Wescom, and Dave Serlo, president/CEO of PSCU, that’s who. This service is nothing new to either the credit union or PSCU. There is a huge and successful track record of both parties. It is not Sears going from socks to stocks.it is simply the unification and cooperation of credit unions to benefit credit unions by combining these loans for economies of size. Hopefully our regulators will also see the benefits and quickly approve the necessary actions needed to accomplish this. We do not need bankers’ approval for this! I say carry on and keep thinking up new ways to work together! Judy McCartney CEO Orange County’s Credit Union Santa Ana, Calif.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.