Urgent Compliance Bulletin - MBL Lending
Dear Credit Union,
As a valued credit union, we wanted to inform you that Oak Tree is putting together a COVID-19 component for the commercial MBL package, free to our customers who use our commercial loan forms package.
As your credit union partner, we hope this is beneficial to you as you help your local businesses through the COVID-19 economic changes. With Oak Tree's updated MBL package, your credit union would be able to provide a special credit application, and also a special addendum unique to paycheck protection.
Your current or new business members could apply for a commercial loan, or they could apply for the U.S.A Paycheck Protection Program guaranteed by the SBA. According to the U.S Department of Treasury, all existing SBA-certified lenders will be given delegated authority to speedily process PPP loans, and in addition, all federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions are eligible to participate in this program. Learn more here.
We understand that the Paycheck Protection Program (PPP) for commercial borrowers will consist of two additional temporary forms to be used in conjunction with Oak Tree’s package. Both of these forms will go away once the government terminates the program (currently scheduled for June 30th of this year).
Servicing Your Credit Union Needs
Oak Tree is still here successfully experiencing unimpaired operations, and plans to continue to do so. During these challenging times, it's important to know that you can rely on Oak Tree as a reliable partner to keep your forms & disclosures compliant & prepared for any new challenges. Stay safe!