CU Direct Corp.’s board of directors has approved a $1.39 million dividend to its 94 shareholders for 2011.
The lending solution CUSO in Ontario, Calif., said this is the seventh consecutive year that it has paid dividends to its credit union and credit union organization shareholders.
In 2011, CU Direct signed new agreements with 128 credit unions and at year end, 990 credit unions, serving 28 million members, were utilizing the CUSO’s lending solutions.
CU Direct is the parent company of CUDL, Lending Insights, Lending 360 and CUDL Retail brands. Lending Insights signed new agreements with 55 credit unions last year, according to the CUSO.
In 2011, 1.75 million loans were processed through the CUDL lending platform, which generated 484,000 loans at dealerships nationwide for a total of $877.5 billion in credit union auto loans, the CUSO said.
CU Direct also reported that 33% of the loans generated through the CUDL system in 2011 went to existing credit union members at the point-of-purchase in dealerships.