DES MOINES, Iowa — The market for credit union credit card portfolios is getting a bit more competitive.
TMG Financial Services, an affiliate of The Members Group, which is in turn affiliated with the Iowa Credit Union League, has set up a program which will buy CU card portfolios and issue cards in an agent relationship with the CU.
What will make TMG's program unique, according to the firm, will be the degree of control that it will offer credit unions to continue to participate in the management and revenue of the portfolio after they have sold it, as well as giving them access to other card products that they can issue through the relationship with TMG.
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"This is truly a collaborative partnership. Because we aren't a bank, we don't offer products that compete with credit unions," said Jeff Russell, executive vice president of TMG Financial Services. "This type of partnership is important because even after the sale of the portfolio, credit unions rely on the credit card program for revenue and member relations. Recognizing this, we've created a number of options for the credit unions to have a stake in our program."
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