DES MOINES, Iowa — Loan participation and the ability to buy into the underlying CUSO are the two qualities that will differentiate TMG Financial Services as a buyer of credit union credit card portfolios from its competitors, according to Jeff Russell, executive vice president of TMG Financial Services and chief information officer for the The Members Group.
The Members Group is the parent organization for TMG Financial Services. TMG Financial Services announced that is open to purchase credit union card portfolios on August 7.
The company, which is a state chartered loan company and not a depository institution, plans to offer credit unions the ability to participate in the growth of its portfolio of purchased credit union card accounts. Further, because it is a loan company and not a depository institution, the company will also offer credit unions that sell their portfolios to TMG a chance invest in the CUSO, thus participating further in the growth of that portfolio, Russell explained.
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"These two qualities are those which I believe make our offering unique among the different options for credit union card portfolio sales," he said.
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