For the time being, several CUSOs with ties to WesCorp said it's business as usual days after NCUA placed one of the country's largest corporates into conservatorship.
In 2003, WesCorp purchased equity shares in Business Partners LLC, a CUSO launched by Chatsworth, Calif.-based Telesis Community Credit Union. The member business lending CUSO has 180 CU clients and has serviced more than $1 billion in loans. Telesis President/CEO Grace Mayo said "there is no impact to Business Partners in regards to the recent events [with] WesCorp. [It's] business as usual."
Procura LLC, a payment solution CUSO and creator of the Purchase ONE Visa card, is owned by WesCorp, Credit Union Financial Services Limited Partnership, MEMBERS Development Company LLC and PSCU Financial Services. When asked about the CUSO's operations in light of WesCorp's conservatorship, media spokesman Walter Laskos said he had passed the question on to NCUA and was awaiting a response.
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On its Web site, NCUA said "it is the agency's goal not to disrupt normal business transactions" and "with continued support from members, it will be business as usual relative to the mission critical services of both U.S. Central and WesCorp."
While Portland, Ore.-based CU Business Group is owned by eight corporate CUs, neither U.S. Central FCU nor WesCorp are among its owners. The business service CUSO serves 300 CUs.
"U.S. Central and WesCorp have no direct impact on CU Business Group's operations. For CUBG, it is business as usual," said Larry Middleman, president/CEO of CUBG.
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