CU Direct’s board of directors has approved a 3% cash dividend to its 108 credit union shareholders, the company announced this week, the 12th consecutive year it has issued such a dividend.
The rebate comes on the heels of another successful year for CU Direct, with 1.4 million credit union auto loans recorded through CU Direct’s Lending 360 and CUDL lending platforms. That’s a total of $30 billion in auto loans for 2016, surpassing the previous record of $26 billion, achieved in 2015. CU Direct CUs have boosted auto loans by 55.6% since 2013, the company reported, including 16.6% loan growth for its partners in 2016.
“We are pleased to provide a strong return on investment to our shareholders for the twelfth consecutive year,” Tony Boutelle, president and CEO of CU Direct said in a statement. “Credit unions continue to demonstrate that they can compete with banks and win in the auto lending marketplace; our goal is to deliver innovative lending technology and solutions that help credit unions improve efficiencies to get to yes faster, and make more loans.”
Throughout 2016, CU Direct added 55 new credit unions to reach a total of 1,048 CUs serving 44.5 million members.
