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Products Archive

Products

TMG responds to TNB card portfolio sale

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DES MOINES, Iowa (5/14/09)--The sale of Town North Bank (TNB)'s credit union card portfolio to Elan Financial Services means that TMG Financial Services of Des Moines is the only "true credit-union-owned credit card portfolio partner serving the credit union industry," says TMG. Town North Bank announced Tuesday it had sold its portfolio to Elan, which is U.S. Bank's credit union portfolio-buying arm. Elan bought 140,000 accounts from TNB with balances of $300 million among its 168 credit union partners. "TMG Financial Services has been a successful endeavor because of the collaboration we receive from credit unions who strongly believe that credit union credit card relationships should remain in the industry," said TMG President/CEO Jeff Russell, who is also chief information officer and vice president of strategic development. "Our unique business model allows credit unions that don't want to sell their portfolios the opportunity to participate as well by investing in our Collateralized Advance Program for the good of the industry," Russell added. "It is now more important than ever that, as an industry, credit unions offer a sound solution for those financial institutions that are looking to sell their portfolio to a partner with credit union values." TMG Financial Services manages 20 credit card portfolio partnerships with more than 15,000 accounts and $30 million in receivables. It is pursuing deals to close by the end of the year equaling $150 million in receivables, the company said.

Digital Insight extends Metavantes role in online BPP

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CALABASAS, Calif. and MILWAUKEE (5/14/09)--Digital Insight and Metavante have signed three new agreements, including one to offer Digital Insight’s online personal financial management solution, FinanceWorks, as an optional component within Metavante’s eBanking solutions. FinanceWorks gives consumers visibility and control over their spending by accessing account information from more than 5,000 financial institutions and credit card sites. The tool, powered by Quicken and launched last fall, allows users to see their cash flow and how future deposits and bills will affect their balances. The second agreement renews a long-term marketing arrangement to promote increased adoption and use of Metavante’s online bill presentment and payment products among Digital Insight’s clients. The upgraded online bill solution offers a single-view landing page with billing, payee and quick-pay information for consumers to review. A third agreement extends a June 2005 arrangement that makes Digital Insight’s consumer Internet Banking and Business Banking solutions the exclusive third-party products to be resold to financial institutions that use Bankway, Metavante’s licensed core processing solution. Digital Insight is a division of Intuit Inc. and provides online banking services to credit unions and banks. Metavante delivers banking and payment technologies to financial services firms and businesses worldwide.

Innovation as Industry Focus paper offered by councils

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MADISON, Wis. (5/14/09)--Credit union professionals can learn how to take innovation from a buzzword and develop it into a core competency in a new all-CUNA Councils white paper. To be truly innovative, an organization needs to provide innovation at every point of the organizational compass, in all aspects of business, and among every employee. “Innovation as an Industry Focus” discusses what it takes to be innovative, including embracing innovation as a core competency. The paper also addresses looking at innovation as part idea, part state of mind and strategy, or fine-tuning what is already in use. Credit unions have a reputation--deserved or not--for being slow to board the innovation train. Many credit unions are innovative, but that sluggish perception still persists in the marketplace, the paper said. “Regulators and boards of directors often fail to reward risk; they are content to see credit unions overcapitalized and safe as many are today. Being content and overly cautious is an unwise strategy in today’s market. Predictions of 4,000 credit unions remaining in five to 10 years from now are an argument against being overly cautious,” the paper said. In a separate news item, The Conference Board reported Wednesday that innovation is critical to economic recovery and U.S. competitiveness (Lonestar Leaguer May 13). “Going forward, an economy’s competitive edge will depend on its ability to maintain a superior talent pool and knowledge base, along with an environment that encourages and rewards new ideas, products and processes,” said Bart Van Ark, board chief economist. For more information about the councils’ white paper, use the link.