Product & Service
Pentagon FCU Selects VantisLife
EAST HARTFORD, Conn.-VantisLife Insurance Co. has reached an agreement with Pentagon FCU in Alexandria, Va., and its CUSO, CUSO Financial Service L.P., to begin offering VantisLife Insurance products to more than 100,000 members in select states. "The VantisLife product line offers affordable life insurance solutions that can meet our members' needs," said Christopher Flynn, EVP with PFCU.
Wescom CUSO Buys Insurance Co.
PASADENA, Calif.-Wescom Holdings, LLC, the CUSO of the $2.9-billion Wescom Credit Union, has acquired Hallmark Associates Insurance Services of Pico Rivera, Calif. Terms of the acquisition are undisclosed. "The acquisition allows Wescom to enhance its current line of product offerings to Wescom members to include: auto, homeowners, life and health insurance," Wescom CEO Darren Williams said. Hallmark's founder, Lyle Sandlin, will join Wescom as president of WCU's insurance agency.
Software Aids In ID'ing Prospects
DALLAS-Allied Solutions has partnered with Capital Lending Strategies, LLC, to create a program that it says enables credit unions to identify members who probably are good credit risks despite having low credit scores. "It gives credit unions the ability to help members re-build their credit scores with reasonably-priced loans," said Dick Hetzel, EVP with Allied Solutions.
The company says Alternative Lending software works on the assumption that many borrowers with lower credit scores may be good risks and that the low score is the result of a patch of bad luck or represents spending habits that have been corrected.
The program also includes collateral value insurance, which lowers the CU's risk in the event of a default.
CU Business Group Gets SBA OK
PORTLAND, Ore.-CU Business Group has received Lender Service Provider status from the Small Business Administration (SBA). A Lender Service Provider has the staff expertise and systems in place to help credit unions with the complete line of SBA loans, the CUSO said. CU Business Group is currently working with 98 credit unions in 21 states to help them with all aspects of business lending and deposit services. The CUSO is currently owned by eight corporate CUs.
For info: www.cubg.org.