DES MOINES, Iowa — Another credit union based organization had entered the market for credit union credit card portfolios.
The Members Group, a card processing organization affiliated with the Iowa Credit Union League, has begun a state chartered loan company as a CUSO that will be able to purchase credit union card portfolios and issue cards nationwide in an agent relationship with the credit unions.
TMG Financial Services is the third credit union based card portfolio purchasing option in the market, joining TNB Card Services and CU CardAssociation. TNB Card Services is the card portfolio processing and purchasing arm of credit union owned Town North Bank and CU CardAssociation is the joint portfolio purchasing effort by Wescom Credit Union and PSCU Financial Services.
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