PALM DESERT, Calif.–Credit unions nationally now make nearly one in every three auto loans made in the United States, according to Tony Boutelle.
Boutelle, the president/CEO of CU Direct, reminded an audience at the California/Nevada Leagues’ REACH Conference here that credit unions on the CUDL platform are now the number-one lender not just in the two states served by the leagues, but nationally, as well, having recorded 18% year-over-year growth.
Overall, all CUs control about 29% of the auto loan market in the U.S.
While lending is robust, Boutelle said the company continues to focus on other ways for credit unions to remain relevant. CU Direct’s new Innovation Lab in Irvine, Calif., he said, was created to focus on four areas:
- Connecting CUs to loan and member opportunities
- The loan experience, including via mobile
- Efficiencies in the back office
- New insurance and ID theft products to generate fee income and protect members
Separately, during the REACH Conference the leagues honored the following individuals:
Distinguished Service Award: Richard Cooper, former president/CEO of Mendo Lake Credit Union, and Dennis Flannigan, president and CEO of Great Basin FCU.
J. Alvin George Outstanding Volunteer Award: Chung Bothwell of UNCLE Credit Union
Tomorrow’s Star Award: Nina Hallock of Greater Nevada FCU
Kim Bannan Eternal Flame Award: Diana Michaels, CEO of Western Healthcare FCU, and (organizational winner) The Richard M. Johnson Foundation