April 2, 2021 — Kansas and Missouri credit unions have more time to help members gain access to the Paycheck Protection Program (PPP). Congress approved and President Joe Biden signed legislation that extends the PPP through May 31. It was originally set to expire on March 31. The bill also addresses concerns with processing timeframes, as it gives the Small Business Administration until June 30 to address and process backlogged PPP loan applications.
H.R. 1799, the PPP Extension Act of 2021, was cosponsored by U.S. Rep. Blaine Luetkemeyer (R-MO District 3). In the House, the entire Kansas delegation and all Missouri representatives except U.S. Reps. Cori Bush (D-MO District 1) and Emanuel Cleaver (D-MO District 5) voted in support of the extension. In the U.S. Senate, U.S. Senators Roy Blunt (R-MO), Roger Marshall (R-KS) and Jerry Moran (R-KS) voted in favor of the bill and U.S. Senator Josh Hawley (R-MO) voted no.
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By Kevin Polinsky, Managing Director of Financial Institution Sales, Compliance Systems
March 23, 2021 — Commercial lending is a balance of risk and reward.
When properly managed, this business line can significantly expand a credit union’s community impact. Part of that management edge is achieved by employing a digital strategy specifically tailored to match your credit union’s commercial lending vision. No doubt your institution shifted resources to more fully support digital services in 2020 — not only to benefit your members, but to address the challenges of staff operating remotely. Automation that was thought to be nice-to-have became critical infrastructure both to expedite loan origination and to efficiently manage the volume of loan servicing. The commercial loan life cycle is evolving, creating opportunities for digital improvement at all stages.
Simplifying applications. While the financial services industry lacks a standard commercial lending application, it is possible to dramatically reduce the burdensome data collection exercise that credit unions have traditionally required of their business borrowers. Technology can create significant lift during this phase. Integrating credit policy data into the digital application and automating the retrieval of public data to reduce the number of fields an applicant must complete can reduce the time required to complete an application to minutes.
The democracy of automated underwriting. Automated underwriting used to be premier software intelligence harnessed by only the most enterprising of institutions. However, as the technology has become more commonplace and pricing models have moderated, credit unions of all sizes can take advantage of efficiencies that can shave weeks off the process.
Lee’s Summit-Based Credit Union Rolls Out Rewards, Updates
April 17, 2015 – Lee’s Summit, Mo. – Members of Missouri Central Credit Union will begin to notice some positive changes this month; most notably, a bigger balance in their savings accounts. Because of an upswing in local and national economic conditions, the Lee’s Summit-based financial cooperative was able to turn profits into a bonus dividend payout to its member-customers.
Missouri Credit Union Charitable Foundation Announces New Director, Officer at Annual Meeting
November 3, 2014 – Branson, Mo. – The Missouri Credit Union Charitable Foundation (MCUCF) Board of Directors appointed a new director and a new officer at their annual meeting on October 23 at Chateau on the Lake in Branson.
Mid Missouri Donates to Gingerbread House
August 7, 2014 – Fort Leonard Wood, Mo. – Mid Missouri Credit Union continues to help the communities they serve. In June, the credit union donated $527.93 to the Gingerbread House located in Rolla.
Credit Unions Continue Membership, Loan Growth; Missouri and Kansas Lag
June 5, 2014 – Lending is up 8.8 percent and membership reached an all-time high of 97.1 million at credit unions during the first quarter, according to the National Credit Union Association.
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