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MY CU Services adds cloud computing for CUs

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MIDDLETOWN, Pa. and HAGERSTOWN, Md. (7/3/12)--MY CU Services LLC, a credit union service organizations owned by Mid-Atlantic Corporate FCU,  has partnered with CUNA Strategic Services provider Ongoing Operations to offer cloud computing services for credit unions.

Among the services to be offered by MY CU Service are hosted e-mail, virtual desktops, virtual servers, software as a service data backup, disaster recovery, managed firewalls and vendor connections.

Ongoing Operations LLC will offer back-end hosting for the cloud-computing services.               

"Cloud computing for the credit union industry is growing rapidly, and many credit union already use it for their core processing, e-mail and payroll needs," said Drew Kishbaugh, MY CU Service president/CEO. "It makes sense for MY CU Services to move in this direction, given our current technology-based services and the direction financial technologies are heading."

TMG Financial Service celebrates five years

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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."