WASHINGTON – As auto sales continue to increase, many credit unions still take longer than other financial institutions to approve loans, according to Tony Boutelle (pictured), president/CEO for CU Direct.

"Credit unions need to approve loans faster," Boutelle said, adding that banks are saying "yes" faster.

In an interview at CUNA's Governmental Affairs Conference, Boutelle said new car sales are estimated to reach 17.7 million this year – a small increase over last year. That is a drastic increase from the 11 million sold in 2009 during the recession.

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