DES MOINES, Iowa — As the pace of credit unions selling their card portfolios has slowed, CU-based purchasers have been among the few continuing to actively announce buys. The latest has announced its first contracts.
TMG Financial Services, the CUSO affiliated with The Members Group–which in turn is affiliated with the Iowa Credit Union League–has announced the purchase of its first three credit card portfolios. TMG launched its card portfolio purchase program in mid-2007.
The card portfolios came from St. Cloud Federal Credit Union in St. Cloud, Minn.; MEMBERS1st Community Credit Union in Marshalltown, Iowa; and Wyo Central Federal Credit Union in Casper, Wyo.
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