ARVADA, Colo. – The $1.9 billion SunCorp Corporate Credit Union completed its first loan participation transaction. The $5 million auto loan participation was done with the $81 million Family First FCU. Back in April, SunCorp was granted NCUA approval to provide loan participation services. A number of other corporates were granted this power as well, however due to a system flush with liquidity participation deals have been few and far between. All corporates may get participation power if NCUA's proposed amendment to Part 704, the corporate reg, passes in current form. "We have streamlined our processes to complete the loan participation transaction within two to three weeks," said Laura Moody, SunCorp credit analyst.
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