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.”
