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Compliance

CUDL Offers Wolters Kluwer Compliance Solutions to Credit Union and Auto Dealer Partners

March 02, 2009

MINNEAPOLIS — Wolters Kluwer Financial Services announced Monday that CU Direct Corporation (CUDL), a credit union-owned service organization (CUSO), has chosen to offer the company’s indirect lending and credit union-specific solutions to its nationwide lending network of credit union and auto dealer clients.

In a tumultuous marketplace where many auto dealerships are looking for ways to build and strengthen relationships with lenders, there is a growing opportunity for credit unions to expand their auto loan market share. Through its strategic relationship with Wolters Kluwer Financial Services, CUDL will provide access to tools that help their 700 credit unions and their 9,000 auto retailers strengthen their businesses.

As part of the new arrangement, CUDL will provide its credit union and dealer clients access to Wolters Kluwer Financial Services’ Red Flag Tool Kits, designed specifically to help them build and implement effective identity theft prevention programs and comply with Red Flag Rules. The tool kits will be offered through the organization’s online training program, CUDL University.

CUDL will also use Wolters Kluwer Financial Services’ CompliSource, which offers comprehensive information about laws governing specific areas of direct and indirect lending, helping users access real-time information that can impact their business decisions in the changing financial marketplace.

“These tools help lenders and dealers manage the time-consuming tasks related to compliance and meet current regulatory requirements,” said Kevin Kopp, senior director and general manager of indirect lending at Wolters Kluwer Financial Services. “As a result, they can better serve their members and customers, and enhance their ability to maintain stronger industry partnerships.”

“Credit unions want to ensure that their organizations are meeting all regulatory requirements, including those associated with the new Red Flag Rules, but they also want to ensure their industry partners, such as auto dealerships, are compliant as well,” said Mike James, vice president of strategic alliances, lending & training at CUDL. “Wolters Kluwer Financial Services’ solutions are an ideal complement to CUDL’s services because they provide accurate and timely information that helps us address the changing regulatory environment and how it impacts our clients and partners.”

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