CU Direct Delivers Record $22 Billion in Credit Union Auto Loans in 2014, Pays 10th Consecutive Cash Dividend
Ontario, CA | January 21, 2015
CU Direct (www.cudirect.com) the nation’s leading provider of lending, automotive and strategic solutions to the credit union industry, has announced that the company’s Board of Directors has approved a 3% cash dividend to its 104 credit union shareholders. This is the tenth consecutive year that the company has paid a cash dividend to shareholders.
In 2014, CU Direct signed new agreements with 68 credit unions, to drive efficiencies, grow loan originations and generate revenue. Among the credit unions that signed agreements with CU Direct were: State Employees Federal Credit Union (New York) ($2.8 billion in assets); University of Iowa Community Credit Union ($2.1 billion in assets); Eglin Federal Credit Union (Florida) ($1.5 billion in assets); Northwest Community Credit Union (Oregon) ($831 million in assets); Xceed Financial (California) ($809.2 million in assets); and Truity Credit Union (Oklahoma) ($727 million in assets).
At year’s end 1,074 credit unions, serving 41 million members, were utilizing the company’s industry-leading lending solutions, including leading-edge mobile technology, and best-in-class lending platforms, analytics and reporting, auto-buying tools, and retail lending products.
CU Direct credit unions funded more than 1 million loans through CU Direct’s CUDL lending platform, generating $22 billion in credit union auto loans in 2014. The company helped its credit unions increase loan growth 29% in 2014, and as a result CU Direct credit unions, as an aggregate, became the third largest auto lender in the nation, after being ranked the sixth largest in 2013.
“We are pleased to provide a strong return on investment to our shareholders for the tenth year in a row,” said Tony Boutelle, president and CEO of CU Direct. “We continue to deliver innovative lending solutions that help credit unions improve member auto buying and lending experiences, and grow their loan portfolios.”