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Will they or won’t they? Credit unions contemplate 2nd round of PPP lending

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The nation’s credit unions have been through the wringer over the past several weeks when it comes to the Paycheck Protection Program (PPP).  They have had to make challenging decisions, such as whether or not to offer PPP loans, how to manage the volume of applications and how to ensure they are keeping up with new guidance as it comes out. While some credit unions jumped in feet first, others explored alternative methods of providing relief to small business owners.Now, that the second round of PPP funding has begun, credit unions that did not participate in the first round of funding may have another chance. And, with $60 billion of the second round’s $310 billion earmarked for credit union and community bank lending, the appeal of participating may have increased.To help guide the strategic conversations CU executives will have with their senior leadership, lending and board teams, we’ve put together a list of some items credit unions should consider prior to offering PPP loans.What do credit unions need to know about becoming an approved PPP lender?To make PPP loans, credit unions must first be approved by the SBA.  Existing SBA lenders are eligible to make PPP loans, but non-existing SBA lenders must complete the CARES Act Section 1102 Lender Agreement.  This is an expedited SBA lender agreement and allows a lender to offer PPP loans.  This agreement expires on September 30, 2020. continue reading »last_img read more

Syntrus Achmea to launch APF pensions vehicle

first_imgIt had already offloaded its second-pillar operations in the country to the insurer last year. Achmea also indicated that it would develop “specific products” to help employers moving to defined contribution arrangements, noting that “quite a few” companies were still reluctant to abandon the “existing certainties” of defined benefit.In its annual report, it also said Syntrus Achmea would now focus on streamlining and centralising operational processes and teams, with the ultimate aim of achieving a single process, system and location.To minimise costs for its customers, improve its risk/return ratio and increase diversification of investments, Syntrus Achmea said it launched several new investment funds in 2014.It added that it was working to reduce risk and complexity in pensions management – by withdrawing from a number of separate accounts to reduce the volatility of investment returns, for example. Syntrus Achmea saw its institutional assets under management increase by €16.8bn to €86.8bn.It said new customers – including the industry-wide scheme for the dairy sector, as well as extended and expanded mandates for existing customers – had more than offset the departure of the large pension fund for the retail sector (Detailhandel).Syntrus Achmea has more than 70 clients with approximately 2m participants in total.The company covers 13% of the Dutch market for collective pensions and life insurance. Pensions provider Syntrus Achmea is to launch its own Algemeen Pensioenfonds (APF) to exploit new opportunities in the evolving Dutch pensions system, parent company Achmea has said in its 2014 annual report. An APF vehicle can implement various pension plans, enabling pension funds and employers to cooperate whilst allowing them to keep their own identity.Schemes’ assets in an APF are ring-fenced.The annual report also revealed that Syntrus Achmea wanted to transfer its third-pillar operation in Romania to insurer Aegon this year.last_img read more