Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
CSCU returns 100 Visa IPO proceeds to CUs
CLEARWATER, Fla. (9/24/08)--Card Services for Credit Unions (CSCU) announced that it will distribute a special mid-year Visa initial public offering (IPO) patronage dividend worth $28.9 million--100% of what CSCU received from Visa. The distribution will be made this month. CSCU will base its distributions on volume from the inception of CSCU in 1989 through December 2005. About 2,600 credit unions will be included in the distribution--an average of $11,100 per credit union. “We also are exploring options to allow member credit unions to invest their Visa IPO windfall back into the product that generated the proceeds in the first place--their card portfolio,” said Robert Hackney, CSCU president. “Some credit unions might consider converting primarily classic card portfolios to platinum, since they generate 80% more revenue per account.”


RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
13 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
14 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
16 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
16 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
18 hours ago