BOSTON — Elan Financial Services has acquired yet another credit union card portfolio.
The $66 million One Source Federal Credit Union, headquartered in El Paso, Texas, has sold its credit card portfolio to Elan, a subsidiary of U.S. Bank, according to The Kessler Group, the firm that brokered the sale.
The sale brings 1,500 accounts worth $2.5 million in outstanding balances to Elan.
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Judy DeHaro, CEO of One Source was quoted as saying in a prepared statement, "It became clear to us a while back that in order to compete and continue to win in the credit card market we would have to dedicate more resources to upgrade our program and at the same time assume more of the risk and costs in combating fraud."
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