DALLAS (5/7/09)--ALM First Financial Advisors has formed a strategic alliance with Sacher Consulting. The partnership will benefit development of and enhance ALM First’s products and services, the company said in a release Monday. ALM First is an advisory firm for credit unions. Sacher Consulting was launched by Mike Sacher, certified public accountant. ALM First plans to draw from Sacher’s insights to enhance its product areas, such as its Mortgage Servicing Rights program. Recent accounting changes and new compliance standards facing credit unions also make the alliance timely, said the companies. “Accounting pronouncements continue to evolve toward the fair-value model,” Sacher said. “New merger accounting rules will require significant fair-value analysis. ALM First is all about fair value.” In addition to consulting, Sacher was recently a partner in charge of the Los Angeles office of McGladrey and Pullen’s National Credit Union Division, where he oversaw delivery of audit and consulting services to more than 150 credit unions annually.
RANCHO CUCAMONGA, Calif. (5/7/09)--Member Business Services (MBS), a credit union service organization (CUSO) owned by the California Credit Union League and five California credit unions, reported that its business loan portfolio and business deposits under management grew during the first quarter. MBS’ loan portfolio totaled $224.5 million under management--an increase of 19%, or $10.2 million--from year-end 2008. Business deposits increased by $18.2 million during the same period “Despite the economic slowdown, small business lending and business deposits have continued to expand,” said Scott Burger, MBS president/CEO. “As banks have curtailed their lending, small businesses have gravitated toward credit unions that can be selective and provide a new source of funding.” Year-end delinquency was reported at 0.47% and first quarter delinquency increased to 1.07%. Business loan submissions for the year reached an all-time high in 2008 with 699 loans submitted, totaling $294.4 million. The CUSO ended 2008 with a loan portfolio of $214.6 million under management--a 32% increase over 2007. Business deposits grew 18.3% over 2007 levels. Members Business Services was founded by San Bernardino-based Arrowhead CU in 2003. MBS now counts CoastHills FCU, Lompoc; SCE FCU, Irwindale; USA FCU, San Diego; and USC CU, Los Angeles, as partners.
LAS VEGAS (5/7/09)--TMG Financial Services was honored Monday at the National Association of Credit Union Service Organizations (NACUSO) annual conference in Las Vegas. NACUSO’s “Collaboration and Innovation Award” was presented to TMG. Criteria for the award were based on:
* Thought leadership and critical thinking; * Creating value using collaboration; * Innovation in organizational design; * Innovation in implementation and execution; and * Delivering results, outcomes and performances.
TMG Financial Services manages 20 credit card portfolio partnerships, with more than 20,000 credit union accounts and $30 million in receivables. NACUSO’s conference ended Wednesday.