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The Iowa Credit Union League (ICUL) has formed a new partnership with Credit Union Loan Source (CULS) to bring a low-risk, high quality loan participation program to state chartered credit unions in Iowa.
“We are pleased to have an opportunity to help bring the Credit Union Loan Source program to Iowa credit unions. We believe the CULS program is an excellent investment solution for our credit unions, it checked all the boxes for us. They have a long track record of success, and their loans are low risk but can provide an excellent source of revenue, which will feed back to Iowa credit union members throughout the state.” says Matt Oakley, chief operating officer for ICUL.
“CULS is proud to partner with such a well-respected organization. The Iowa League has a tremendous reputation throughout the credit union industry for identifying and developing sound product solutions for their members, for them to recognize CULS as a trusted partner is truly an honor.” said Kevin Usiatynski, chief revenue officer.
The first Iowa credit union to partner with CULS, Members Community Credit Union in Muscatine, started on the program in January. Their Chief Executive Officer, Tim Chapman says, “What attracted me to the CULS program was their unique monthly subscription model. It gives us a monthly flow of new loans onto the balance sheet, and since we’re buying brand new loans each month, it takes away a lot of the interest rate risk, which is important to our members in this environment.”
“We know that credit unions are really good at originating indirect auto loans, they understand the risks and the rewards, so what better to investment in?” said Usiatynski, “Credit unions get assets and revenue along with the flexibility to ramp up and down, but without the effort.”
Also partnering with CULS is Financial Plus Credit Union in West Des Moines.
“We’re relatively new but thus far they’ve been excellent. They provided full transparency in due diligence and their team has been great about bringing our staff up to speed on the settlement and accounting processes.” said Financial Plus CEO Dave Cale. “Indirect is tough when you start moving away from your home turf. CULS gives me the ability to benefit from a nationwide indirect program without hiring a single new employee.”