Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
TMG Financial Service celebrates five years
DES MOINES, IOWA (7/3/12)--TMG Financial Services is celebrating its fifth anniversary as third-party agent-issuer solution provider to the credit union industry.

The company services 60,000 accounts with more than $125 million in assets under management.

"From a conventional standpoint maybe 2007 wasn't the right time to start a credit card company, as we began a slide into one of the most tumultuous economic times in a generation," said Jeff Russell, president/CEO of TMG Financial Services. "For our partners, it was exactly the right time."

TMG Financial Services also brought the Collateralized Advance Program (CAP) financing option to the marketplace. Through CAP, credit unions have the ability to earn an above-market yield while having the protection of a loan backed by a high-quality asset pool, said the company. Since 2007, TMG Financial Services has raised more than $100 million in CAP funds for more than 60 program participants. CAP partners have received more than $13 million in income from their involvement in the program.

"CAP's development is important for two reasons," Russell said. "It was, and continues to be, a good source of yield for our funding partners, when historic rates have made it difficult to find such channels. It also allowed credit unions to play an active role in keeping developing a consumer-friendly solution."


RSS print
News Now LiveWire
Bank ATM fees continue to climb. Credit unions? Not so much. #NewsNow http://t.co/7nfcqusVuM
37 minutes ago
NCUA 2day liquidated Republic Hose Employees FCU,Youngstown,Ohio, after determining the CU was insolvent w/no prospect for viable operations
49 minutes ago
MO #creditunions @BankOnMo with SUV contest See #NewsNow http://t.co/dMnnADr3CO
1 hours ago
Breaking at #NewsNow: Matz to request revised RBC proposal, new comment period http://t.co/eLtYmzXRWn
18 hours ago
#NewsNow: Oct. 22 webinar will explore role of CDFI #creditunions. http://t.co/op1GV4mrYM
21 hours ago