Catalyst Corporate Federal Credit Union closed out 2019 with a milestone as its loan participation program surpassed $3 billion.
Nearly 200 credit unions have utilized the program since the Plano, Texas-based institution launched it in 2014. The program is primarily focused on auto loans, along with RVs and other consumer loans.
The $3.2 billion-asset Catalyst provides services to sellers such as packaging loan participations, making participations to buyers, managing documents and executing transactions. For buyers, the corporate also provides due diligence services along with remittances and reporting.
Catalyst Corporate was formed early in 2012 in the wake of the corporate credit union crisis through a combination of Southwest Corporate FCU and Georgia Corporate FCU. Its most recent NCUA call report shows year-to-date net income of $2.4 million in November 2019, up from $1.4 million one year prior.
Bruce Fox, CEO of Catalyst Corporate FCU, took the helm last spring following the retirement of Kathy Garner, who had led the corporate since its inception.
