The Rundown
|- Principal owners emphasize Business Partners' financial strengths.
- Image repair will still be a key priority.
- New structure presents opportunities to educate on, advocate for MBLs.
When a litany of loan and management problems led to the demise of Telesis Community Credit Union earlier this year, the business lending CUSO it founded 17 years ago likely knew it would inherit a perception problem within the industry.
For the past nine months, Business Partners LLC in Chatsworth, Calif., has been operating under the management of the NCUA after the regulator was appointed the conservator of Telesis in March shortly after the California Department of Financial Institutions shuttled the troubled credit union into conservatorship.
While the NCUA assured at the time of Telesis' conservatorship that Business Partners would continue to operate and with the CUSO reporting in May that it had maintained profitability for eight consecutive years, the firm that once touted more than $1 billion in business loan servicing, is still dealing with a damaged reputation.
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