Compliance Systems, LLC, a CUNA Mutual Group company, has announced an SBA Paycheck Protection Program (PPP) solution for credit unions to help members access $350 billion in small business loans provided through the CARES Act. The solution helps credit unions quickly assist small businesses suffering through the coronavirus crisis. Compliance Systems is waiving all development fees for the new solution through June 30, the duration of the PPP.
“We are in a race against the clock to help small businesses access these funds to care for their employees and to support their communities,” said Ronny Chapman, senior vice president, Compliance Systems. “In collaboration with our lending partners in the financial industry, we’ve developed a solution that enables credit unions to process SBA PPP loans in days, not weeks.”
The solution provides credit unions with the necessary software to document urgently needed PPP loans for small business members so they can meet their payroll obligations, address other eligible expenses, and continue their vital community operations during the coronavirus crisis.
SBA PPP loans are structured differently than other SBA program loans and require new application and closing documentation, per SBA guidance and CARES Act specifications. Existing SBA solutions do not address PPP loans. The Compliance Systems SBA PPP solution is specifically designed for PPP loans, as well as for speed and utility.
The Compliance System solution pairs with these participating Loan Origination Solution (LOS) providers:
- Baker Hill
- Numerated Growth Technologies
- Q2 eLending
Compliance Systems is actively working to expand its solution to more LOS providers across the financial services industry.
“Small businesses are the lifeblood of local economies and communities across our country,” said Laurie Winger, chief financial and product officer at CUNA Mutual Group. “We are committed to providing credit unions and our financial services partners with the necessary tools to help their customers weather this storm.”
Credit unions can learn more about Compliance Systems’ PPP software by contacting Kevin Polinsky, managing director.
About Compliance Systems, LLC
Compliance Systems, LLC (Compliance Systems) leads the market in providing dynamic compliance documentation and technology to effectively document deposit, IRA, and loan transactions in the financial services industry. Compliance Systems’ products leverage a single, data-driven system to assemble accurate deposit, lending, and IRA accounts that are covered under the best compliance warranty in the industry. Learn more at compliancesystems.com.
About CUNA Mutual Group
CUNA Mutual group is a financially strong insurance, investment and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of “people helping people” and the belief that a brighter financial future should be accessible to everyone. For more information, visit cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.