MEMBERS Development Company, an Overland Park, Kan.-based CUSO, is forming a partnership with CU Direct, a CUSO that specializes in lending, automotive and strategic solutions for credit unions, the two parties announced Monday.
CU Direct will become an MDC owner and is one of several CUSOs that has taken an ownership stake in the company.
Citing CU Direct's success in vehicle lending, MDC CEO Jeff Kline said the company will add a rich dimension to the two firms' collaborative efforts.
"It's a pleasure to add CU Direct to our ownership roll, as we use our combined experience and know-how to serve credit unions while helping our respective owners/shareholders control costs," Kline said. "Just as cooperation among credit unions makes for a winning combination, the same is true when CUSOs work together. After all, as an organization owned by many of the nation's credit unions, CU Direct was born of the cooperative spirit, just like MDC.
CU Direct has worked with more than 1,000 credit unions and made more than $186 billion in loans since being founded in 1994. It is based in Ontario, Calif.
"I'm looking forward to combining forces with MDC because we share the philosophy and practice of actively collaborating for the good of the industry – and, ultimately, for the good of hard-working members," CU Direct President/CEO Tony Boutelle said.
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