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CUDL looking to create acceptance corporation

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RANCHO CUCAMONGA, Calif. (7/21/08)--CUDL, an indirect lending business partner for credit unions, has asked the National Credit Union Administration for permission to create an acceptance corporation. CUDL believes that creating the corporation would help credit unions make auto loans more efficiently, according to Tony Boutelle, CUDL president. CUDL also “has no intention of having our acceptance corporation compete with other credit unions,” Boutelle told News Now. The NCUA has not given CUDL a time frame or indication on whether the corporation would be approved. “This is the first step in the blueprint,” Boutelle said. “(The corporation) is something that we think makes sense.” CUDL is owned by 85 organizations, including 76 credit unions. It arranged 556,000 auto sales worth $12 billion last year.

Wis. league partners with Advanced Fraud Solutions

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PEWAUKEE, Wis. (7/21/08)--The Wisconsin Credit Union League Services Corp. announced that it is partnering with Advanced Fraud Solutions (AFS). AFS offers TrueChecks and TrueCards products, which are software tools that help credit unions identify fraud and safeguard assets (Weekly Update July 18). Since 2007, AFS has helped financial institutions in 12 states save millions of dollars by detecting fraudulent checks. Freedom CU, Warminster, Pa., detected $86,000 in counterfeits in two months, according to AFS.