ONTARIO, Calif. (3/7/14)--For the ninth consecutive year CU Direct, a provider of lending solutions to credit unions, will distribute a dividend to its shareholders. The credit union service organization's board of directors this week approved a 3% cash dividend for its 102 credit union shareholders.
"We continue to deliver innovative lending solutions that help credit unions improve member auto buying and lending experiences, and grow their loan portfolios," said Tony Boutelle, CU Direct president/CEO.
In 2013, CU Direct signed new agreements with more than 100 credit unions. At year's end, 1,072 credit unions serving 38 million members were using the CU Direct lending solutions.
CU Direct credit unions processed 723,000 loans through the company's CUDL lending platform, generating a company record $16.3 billion in credit union auto loans in 2013. The CUSO helped its credit unions increase loan growth 19% in 2013 to become the sixth-largest auto lender in the nation.