Credit Union Loan Source (CULS), an Atlanta-based CUSO owned by the League of Southeastern Credit Unions & Affiliates (LSCU) and three Georgia credit unions, has been expanding its reach into Florida.
CULS already provides more than 50 credit unions in seven states with an alternative investment secured by assets they understand well – auto loans. Now, the CUSO is proud to announce it has signed six credit unions in Florida since the beginning of the year. In fact, Achieva Credit Union, a $2 billion asset-size credit union in Florida, recently became CULS’ largest non-owner participant.
The CULS model asks credit unions to invest each month, providing a steady pipeline of loans that have been originated within the last 30 days. This model provides prime/super-prime loans with healthy returns, allowing credit unions to diversify risk by investing in a large number of loans.
“In these unprecedented times we look for great partnerships like LSCU and CULS to help us maximize our income opportunities while limiting our risks,” said John Wintermeier, Chief Business Officer at Achieva Credit Union
CULS program is beneficial for state-chartered credit unions of all sizes, accommodating monthly investment up to $20 million. CULS also recently announced an exciting expansion of the program – beginning in Q4 of 2020, the CULS program will be available at a minimum investment of as little as $100,000 per month.
Credit unions interested in CULS should contact their LEVERAGE Business Development Consultants.