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CUDL SUCCESSFULLY COMPLETES SAS 70 TYPE II AUDIT OF ITS WEB-BASED AUTO LENDING NETWORK AND PROGRAM
Ontario, CA, April 8, 2009 -
CUDL (www.cudl.com), which administers the nation's largest point-of-sale and indirect auto lending network for credit unions, has announced that the company has successfully completed a SAS 70 Type II audit of its controls related to the company's CUDL and CUDL DApp systems. This is the third consecutive year that the CUSO has achieved SAS 70 Type II Certification of its web-based auto lending network and program.
The SAS 70 certification verifies that the company has sufficient controls in place in areas such as change management, customer service and development practices. The company's certification also attests to the accuracy of the controls description, as well as the thoroughness and accuracy with which controls are designed, implemented and monitored.
CUDL's successful completion of the SAS 70 audit process demonstrates how its control objectives, activities and systems function in accordance with industry best practices. The certification also demonstrates CUDL's commitment to ensuring that the CUDL and CUDL DApp platforms' service and support procedures exceed operational quality and efficiency standards.
The examination was conducted by Certified Public Accountants McGladrey & Pullen, and conforms to the standards established by the American Institute of Certified Public Accountants (AICPA). SAS 70 (Statement on Auditing Standards No. 70, Service Organizations) is an internationally recognized auditing standard developed by the AICPA to demonstrate that a service provider has adequate controls and safeguards in place when they host or process data belonging to their customers.
CUDL's objective for having the SAS 70 Type II review was to once again achieve independent confirmation of the soundness and security of the CUDL System, which enables members to access credit union financing information at auto dealerships through web-based platforms.
"The SAS 70 Type II Certification is very important to us as an organization, as it is verification that we have successfully incorporated the necessary processes and safeguards to protect the data and assets our credit union partners entrust us with," stated Gene Oishi, CUDL's Vice President of Operations. "We are committed to maintaining the internal policies and procedures necessary to ensure our customer's transactions are fully protected."
About CUDL
Based in Ontario, California, CUDL® is the leader in indirect and point-of-sale lending services for the credit union industry. CUDL programs allow members to receive credit union financing at the auto dealership through an automated decisioning system. As a Credit Union-owned Service Organization, CUDL develops custom applications, training and marketing programs to help credit unions achieve their indirect lending goals. Participants include 9,000 dealerships and 700 credit unions in 48 states nationwide. For more information on CUDL, visit www.cudl.com. Credit union members can find all the latest CUDL AutoSMART auto buying and research tools at: www.cudlautosmart.com.