Letters To The Editor: Card-Buying CUSO Idea Worth Pursuing
Wescom Credit Union and PSCU-Financial Services have proposed a new Credit Union Service Organization (CUSO) to buy and manage credit card portfolios. The idea is brilliant, keeps the credit card business within our credit union movement, and is a service that credit unions by regulation are allowed to undertake. So, of course, it meets with great consternation by the bankers. Why am I not surprised?
Buying credit card portfolios have always been the bankers' right. Who would have the audacity to try to change this? Darren Williams, president of Wescom, and Dave Serlo, president of PSCU-Financial Services. This service is nothing new to either the credit union or PSCU-FS. There is a huge and successful track record of both parties.
This is not Sears going from socks to stocks. This is simply the unification and cooperation of credit unions to benefit credit unions by combining these loans for economies of scale. Hopefully, our regulators will see the benefits and quickly approve the necessary actions needed to accomplish this. We do not need bankers' approval for this! I say CARRY On and keep thinking of new ways to work together!
Judy McCartney, CEO
Orange County's CU, Santa Ana, Calif.
Letters To The Editor:
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