ST. PETERSBURG, Fla. – One of the efforts to establish a credit union industry-owned industrial loan corporation which would compete with banks in the market for credit union credit card portfolios is still going forward, but without two of its founding partners.
Speaking to attendees at Card Services For Credit Union's 2006 annual meeting, Robert Hackney told the card and vendor executives that CSCU, one of the group's original organizers, would not be an equity owner of the new company when it finally gets regulatory approval.
"I don't know how many of you have ever had to deal with federal regulators," Hackney told the packed auditorium, "but this was my first time and I have to say it was an eye-opening experience."
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