Financial Services Industry
Industry: Email Alert RSS FeedNo TLC For ILCs?
Credit Union Journal, The, August, 2006 by Ed Roberts, Washington Bureau Chief
The growing controversy over the entry of non-financial companies into the banking business has forced credit union investors to abandon two separate efforts to finance projects that would have created credit card banks specifically for credit unions. Within a matter of days, Wescom CU said it had agreed to terminate an agreement to acquire an Industrial Loan Company charter from Silvergate Capital that the $3.5 billion credit union planned to use to buy and manage credit unions' card portfolios.
Then credit union participants in Union Financial Services, including Corporate One FCU, Card Services for CUs and CUNA Mutual Group, all said they will not be investing in the Utah ILC that would have also served as a credit card bank for credit unions. "CUNA Mutual has decided to...
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