MADISON, Wis. — CU BizSource has been acquired by CUNA Mutual Group from MEMBERS Development Company, CUNA Mutual said July 3.
CU BizSource is a credit union member business lending support company that provides certification and participation services to credit unions. A primary function of CU BizSource is to develop and maintain underwriting standards for credit unions looking to participate in loans through CUNA Mutual's CU System Fund-Member Business Lending Fund. CU BizSource has certified 27 credit unions and CUSOs.
"The acquisition will be transparent to current customers that sell loans to, or invest in, CU System Funds," said Jim Metz, senior vice president, CUNA Mutual Asset Management. "Likewise, there will be no change in the certification process. Credit unions that are certified, or are in the process of certification, will be unaffected, and they will continue to have access to the MBL Fund to sell loan participations."
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"The time was right for MDC to sell CU BizSource," said Dan McCue, MDC chairman and president of Coca-Cola Family Federal Credit Union. "Our intent when we acquired CU BizSource in mid-2004 was to establish an industry-owned mechanism to help ensure the quality of business loan underwriting standards and practices and to provide secondary market options," McCue said. "We have grown the company to the point where it made sense for CUNA Mutual to acquire it and expand the business."
CUNA Mutual said it will continue to facilitate a secondary market for credit union member business loans. It will promote best practices in business loan underwriting and provide additional liquidity and risk management alternatives for credit unions while allowing them to maintain member relationships through loan servicing. Mark Taber, who is currently CEO of CU BizSource, will continue to provide member business lending expertise and perform certification reviews for originating credit unions.
MEMBERS Development is a credit union/CUNA Mutual Group jointly owned member product and service research and development company. Formed in February 2000, MDC's mission is to provide a unified credit union approach to the effective and efficient development and delivery of high quality, state-of-the-art member related products and services for the credit union marketplace. MDC ownership ranks currently include 56 credit unions/CUSOs, four corporate credit unions and two leagues.
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