Wescom Unveils Credit Card Bank for CUs

PASADENA, Calif. – Wescom CU announced yesterday its newly formed credit card bank for credit unions has made its first purchase, the $3 million portfolio of California Coastline CU. Wescom has switched charters to that of a central credit union, enabling it to provide services such as credit card management, for other credit unions. Separately, officials with another fledgling credit card bank for credit unions, called Union Financial Services, said yesterday they have still not received regulatory clearance to allow it to proceed with the project, but hope to soon.