SAN DIEGO — David Serlo, CEO of PSCU Card Services, the card and payments processor for more than 500 credit unions, announced that the CUSO has adopted a somewhat aggressive stance towards other credit union vendors.

Serlo told the more than 575 attendees of the organization's annual member forum that wraps up today that, effective immediately, any credit union with 24 months or less remaining in a contract with another vendor could sign a letter of intent to move that program over to PSCU and start benefiting from the cooperatives relationship price discounts immediately.

Serlo reported that the cooperative reported 91% of its savings on its agreement with card processor First Data Corp. and more than 100% of its annual savings in 2008. The cooperative is also returning $20 million in proceeds from Visa's Initial Public Offering of stock to its member owners which issue Visa.