LAS VEGAS–Credit unions on the CU Direct loan platform are now the number two auto lender in the United States, having just passed Ally Bank, according to Tony Boutelle, CEO of CU Direct.
Boutelle told the California and Nevada league’s REACH Conference here credit unions on the CUDL platform now trail only Wells Fargo as the leading auto lender in the country.
All that volume is a long way from where the company was just 22 years ago when it was launched at the California league’s annual meeting with The Golden 1 Credit Union (where current CNCUL CEO Diana Dykstra was VP-Lending) and the league put up $200,000 each to underwrite the CUSO.
“In a small windowless room in Pomona, Calif., Diana and I worked on a plan to build CU Direct into a big company someday,” recalled Boutelle. “Our goal was to fund 6,000 loans per month. We thought that was the limit. Through September of this year we’ve done one million loans. And here in Southern Nevada, CUDL CUs are number-one in the marketplace.”
During the REACH Meeting, the following people and organizations were also honored:
* Distinguished Service Award: Rick Hanan. SMW 104 FCU, president and CEO.
* J. Alvin George Outstanding Volunteer Award: Lloyd Jones, Mattel FCU; Jerry Gaines, South Bay CU; Ron Seaman of SAFE CU.
* Tomorrow’s Star Award: Dana Griffin of Desert Valley FCU
* Kim Bannan Eternal Flame Award: Christopher Bruno, McKesson Employees FCU, president CEO
* Kim Bannan Eternal Flame Award, Organizational Category: Hanin FCU
* President’s Award: Gene O’Rourke (who passed away in April)