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Automated auto-loan participation product released
DENVER (7/31/09)--Access Capital Investment Group (ACIG) has released AXS/RDS, an auto-loan participation product for credit unions. The system will allow credit unions of all asset sizes to access and manage loan participations offered by other institutions. ACIG created the product last year when it structured an $80 million loan-participation transaction between Security Service FCU (SSFCU), San Antonio, and three purchasing credit unions. Lewis Cohen, vice president of finance at American Airlines FCU in Dallas--one of the purchasing credit unions--said the transaction was simple and provided the credit union access to SSFCU’s portfolio. SSFCU is a premier auto-lending credit union, Cohen added. The Denver-based ACIG specializes in creating secondary-market opportunities for credit unions and other middle-market financial institutions.


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