PCUA partners with Loanstreet LLC
HARRISBURG, PA (November 19, 2015) — The Pennsylvania Credit Union Association (PCUA) has partnered with LoanStreet LLC (LoanStreet), to provide a broad loan participation platform for Pennsylvania credit unions to invest in new loan opportunities.
LoanStreet’s online platform automates and standardizes loan participations from origination to maturity enabling lenders and investors to buy, sell, and manage loans directly on LoanStreet. Pennsylvania credit unions of all sizes can now make more and larger loans with a reduced risk to their bottom line. Additionally, credit unions struggling to put performing assets on their books now have access to a choice of consumer and commercial loans that fit their risk profile and can produce the desired yield.
“We are pleased to announce this new partnership,” said Patrick Conway President & CEO of PCUA. “Our partnership with LoanStreet allows us to provide the most innovative tools and technology to help Pennsylvania credit unions to buy and sell loan participations.”
The LoanStreet online platform is available to all Pennsylvania credit unions at www.loan-street.com.
“Together, PCUA and LoanStreet form a powerful partnership to support loan participations throughout the Mid-Atlantic,” said Ian Lampl, LoanStreet’s CEO. “Our partnership creates a unique combination of education, technology and regulatory expertise to match loan demand with liquidity from the largest credit union to the smallest.”
About Pennsylvania Credit Union Association
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational, and operational support for credit unions in Pennsylvania. There are 363 credit unions headquartered in Pennsylvania with assets in excess of $50 billion and 4.2 million members. For additional information about credit unions or to find a credit union near you, visit www.ibelong.org.
About LoanStreet LLC
LoanStreet LLC is an innovative loan participation platform that enables credit unions of all sizes to cost-effectively participate loans in a regulatory-compliant manner. 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 has 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. For more information or to join the LoanStreet network of credit unions, please visit www.loan-street.com or email us at info@loan-street.com.
