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MADISON, Wis. — Even though their credit union supporters maintained it was a good idea until the end, the notion of buying or chartering an industrial loan corporation to purchase credit union credit card portfolios proved to be just too controversial. Last week, both the $3.4 billion Wescom Credit Union and CUNA Mutual Group pulled out of their respective efforts to buy or charter ILCs.

Wescom and Silvergate Capital had announced a deal whereby Wescom would have purchased Silvergate’s ILC and used it to buy credit union credit card portfolios which it would have managed in partnership with PSCU Financial Services, the largest card services CUSO in the country.

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