FORT LAUDERDALE, Fla. — A second credit union card processing organization has decided to pass the proceeds of Visa's initial public offering of stock back to its participating credit unions.
Card Services for Credit Unions, the association of credit unions which process their card transactions with Fidelity National Information Services received almost $29 million from Visa's stock offering and CSCU President Robert Hackney told attendees at the organization's annual meeting that all the money will go back to the credit unions which process under the association's contract.
PSCU Financial Services, a card processing CUSO whose member credit unions process on the First Data card platform already announced that it would pass back proceeds to its member credit unions.
Recommended For You
CSCU's return of the proceeds comes on the heels of the association's return of $1.6 million or 18% of it's net income to participating credit unions this year, according to the association's financial report.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
