CU Business Group (Business Lending)
CU Business Group (CUBG) is a credit union service organization that provides comprehensive support for credit unions seeking to begin or expand their business services. CUBG’s experienced professionals provide credit underwriting expertise with guidance on strategy, policies and business deposit services.
Founded in 2002, CUBG is owned by corporate credit unions and serves credit unions nationwide. It is no secret that operating a credit union is getting to be more and more competitive. Pressure from banks large and small, coupled with broadened fields of membership and community charters, make it vital for credit unions to offer their members more value, service, and convenience. CUBG is currently working with more than 500 credit unions in 46 states. They understand that your credit union needs one-on-one personalized and customized service.
Their expertise and full-service support is the fast, easy, and cost-effective way to add business lending and deposit products to your credit union’s list of services. They provide the expertise and infrastructure you need to add a complete package of business services, while offering you flexibility, ownership and control over your program. You decide which businesses to go after, which loans are approved and for how much. CU Business Group is just there to give you the information and infrastructure you need to make sound decisions.
CU Business Group provides all of the guidance and technical expertise needed for implementing a complete package of business loan and deposit products. From planning to servicing, compliance to consulting, pricing to prospecting, they provide the expertise and resources to make your business services program successful.
Business service programs include
- Business loan underwriting and documentation
- Risk monitoring and annual reviews
- Independent reviews of business loan underwriting and operations
- Structure and pricing of business checking, savings and money market accts.
- Education and training for all aspects of business products
- Policies, procedures, pricing and marketing materials
From planning to servicing, compliance to consulting, pricing to prospecting, CUBG provides the expertise and resources to make your business services program successful. Contact Tricorp today for more information at firstname.lastname@example.org, or visit CUBG at http://cubg.org
MyCU Services (Bill Payment)
Tricorp’s bill pay solution, offered through MY CU Services, enables your members to submit payments via the Internet making it more convenient for them to pay bills and effectively manage their funds. And when it comes to electronic bill payment (EBP), some may think that all programs are the same, regardless of the provider. This is not true! MY CU Services provides credit unions with the traditional ease of paying bills online…PLUS so much more.
MyCU Services is an electronic bill payment program that offers your credit union a simple, seamless turnkey EBP consumer or business solution that can be integrated with any home banking provider or data processing system. In addition to industry standard electronic bill payment features and single sign on capability with a growing list of processors, Tricorp’s bill pay solution incorporates the following benefits:
- Mobile integration
- Bill presentments/eBills
- Person-to-person payments
- External account-to-account transfers
- Expedited payments
- Schedule multiple payments from one screen
- Gift and donation payments
- Alerts and text messages
- Call center support and live chat feature
- And much more
If you are ready to add electronic bill payment to your product offerings, or want to
upgrade from your current service to provide more flexibility and functionality, then it’s time contact Tricorp today at email@example.com.
Pay Lynxs (SimpliRisk)
Pay Lynxs is a software company that offers a BSA/AML compliance automation platform called SimpliRisk that gives credit unions an affordable compliance alternative. Their cloud-based software solution, SimpliRisk, provides fraud detection, anti-money laundering and risk rating solutions to help credit unions fight financial crimes, money laundering and identify high risk activity through innovative technology.
SimpliRisk is designed for credit unions looking for a simple, affordable and single system. It is an easy-to-use service that assists the compliance professional in risk rating, transaction monitoring and customer due diligence (KYC/CDD) specific to supporting the requirements for BSA/AML risk management.
Your credit union can determine and establish different rule sets for each group of members (regular, business, employees, etc.) so that you can risk-rate members specific to the conditions for those accounts. The credit union can also schedule the SimpliRisk transaction monitoring or risk rating to run at any time or on a regular monthly or quarterly schedule.
Primary Financial, LLC (SimpliCD)
Primary Financial Company, LLC, is a credit union service organization (CUSO) owned jointly by corporate credit unions throughout the United States. It is a certificate of deposit program that enables credit unions to invest substantial funds in federally-insured CDs or to generate liquidity quickly by issuing CDs to a nationwide market of potential investors.
This program, SimpliCD (“simplicity”), is a turnkey program that combines CD investing and issuing with the advantages of competitive rates and consolidated reporting.
Benefits of Investing
- No more phone calls to multiple issuers to find competitive rates
- No more multiple wire transfers to invest in multiple CDs
- Flexible terms and amounts that fit into your investment strategy
- Free third-party performance reviews on issuers that help you make more informed decisions
- Single transaction settlement with no transaction fees
- Consolidated monthly reports for easier accounting and auditing
- The security of investing with federally insured institutions
Benefits of Issuing
- Centralized way to raise funds and generate liquidity
- Access to 4,300 potential credit union investors nationwide through the SimpliCD program.
- Competitive alternative to other funding methods
- Assistance in developing the terms of issuance
- Ability to pool investors into one CD
- Credit unions receive interest payments from one entity – Tricorp – with a single wire transfer, eliminating the need to track and collect interest from each investing institution.
- No subscription or broker fees
Whether purchasing certificates of deposit as investments or issuing them to build liquidity, credit unions benefit from the economies of scale offered by SimpliCD’s large network of credit unions and from the elimination of many of the responsibilities that attend management of individual CD accounts.
View these videos at the SimpliCD YouTube channel. They provide a fantastic overview of the basic tenets of working with SimpliCD.
Contact Tricorp today for more information at firstname.lastname@example.org
LoanStreet is a comprehensive online marketplace for all aspects of loan participations. LoanStreet gives you the tools to buy, sell and manage your loan portfolio within a single platform. LoanStreet enables credit unions of all sizes to cost effectively participate loans in a regulatory compliant manner. They have partnered with corporate credit unions and a number of other credit union associations to bring an industry- wide, automated loan participation solution for all credit unions.
LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan participation platform.
LoanStreet simplifies the loan participation process – From finding a loan participation buyer to facilitating the loan sale, and providing an easy solution to send and process monthly principal and interest payments to the buyers of loans.
Benefits of LoanStreet include:
- Find the loan that fits your needs and buy it directly through LoanStreet.
- Search through specific criteria, such as seller institution type, premiums and more to find your perfect match.
- Completely customize and sell loans directly through LoanStreet.
- Set interest rates, define loan type and designate institution types that have access to purchase your loans.
- A one-time master agreement for all loans.
- No registration, subscription or maintenance fees.
- No minimum usage requirements or sale amounts.
- View all your loans, payments and account information in one place.
- Automatic debits, credits and reports
Sallie Mae Student Loans
Our partnership with Sallie Mae on the Smart Option Student Loan® program opens doors for credit unions looking to help students and families solve the complicated puzzle of paying for college and graduate school while generating fee income for credit unions.
The Smart Option Student Loan®
Help Your Members Pay for College
During the past year, more than 20 million students attended college1, requiring nearly $10 billion in private student loans2. Through a partnership with Sallie Mae®, the Smart Option Student Loan® will help your credit union retain and grow member relationships by offering private student loans as a complement to student checking, debit carts, online banking, auto loans, and your complete suite of financial products.
Benefits for your credit union
The Smart Option Student Loan expands your credit union’s product line at no cost or funding.
- Offers a high-value product that can attract and help retain valuable customers.
- Generates fee income per originated loan without any upfront investment from your credit union.
Benefits for your credit union members
- Makes money available that students need for college. After maximizing scholarships and federal loans, they can borrow up to 100% of school-certified cost of attendance.3
- Offers the choice of competitive fixed or variable interest rates.
- Lets members choose from three simple repayment options, including monthly interest-only or fixed monthly payments while in school and during the six-month separation period, or deferring payments until after school, for degree-granting institutions.4 Not only can the in-school repayment options reduce the total cost of the lone, they may also help a borrower build credit.
- Members can also earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.5
- Makes applying online easy- it only takes about 15 minutes to apply and get a credit result.
- Assists your members, when needed, with Sallie Mae’s high-quality customer service and technical assistance centers. Members can also manage their loans online, 24/7.
Encouraging Responsible Borrowing.
Sallie Mae has helped more than 34 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.
Get started today
Assist your members with paying for college the smart way with the Smart Option Student Loan by Sallie Mae. Contact us at email@example.com for more details to start participating in the Smart Option Student Loan Program.
This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1 “Back to School Statistics,” National Center for Education Statistics, 2015.
2 Source: Trends in College Pricing 2015, The College Board, www.collegeboard.org. Reflects average published tuition, fees, and room and board charges at four-year institutions; enrollment weighted.
3 Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
4 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans.
5 Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.
WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.
Information advertised valid as of 10/25/2016.
Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
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