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Union Financial Card Portfolio Initiative Takes a Bank Turn

Union Financial Services, the organization, which tried to get a start as a credit union-owned industrial loan corporation formed to purchase credit union credit card portfolios, has instead applied to become a bank with ties to the credit union industry that will purchase credit union card portfolios.

By David Morrison | Updated on September 19, 2006

SALT LAKE CITY — Union Financial Services, the organization, which tried to get a start as a credit union-owned industrial loan corporation formed to purchase credit union credit card portfolios, has instead applied to become a bank with ties to the credit union industry that will purchase credit union card portfolios.

The organization has filed an application with the FDIC to become a state chartered bank that will be able to purchase credit union card portfolios. Once the application is approved, the bank, which will be capitalized to $30 million according to Wally Jensen, the organization’s CEO, it will follow the same business plan it would have followed had it been allowed to become an ILC.

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