DENVER – CU Direct Connect (also known as CUILA) has reached a milestone: the credit unions in the indirect lending program exceeded the $1 billion mark in loan volume on Oct. 29. What makes this achievement all the more special for the CUSO, said CUILA President/CEO Steve Anderson, is that it hit this milestone in just 10 months. "Only a program that endorses the credit unions' cooperative effort and minimizes competition between the credit unions could reach this level of success," he said. Fifty-nine credit unions, representing almost one million members, participate in CUILA and all but one of them are located in Colorado. The last CU is located in Wyoming. More than 430 of Colorado dealerships participate in the program. To celebrate the achievement, CU Direct Connect provided a $5,000 check to Lakewood Happy Motors who submitted the loan that pushed the indirect program over the $1 billion mark. It also paid for the first three payments of the Bellco CU member's loan.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.