PPP forgiveness and other COVID-19 concerns creating a perfect storm?

first_imgThe U.S. Small Business Administration has indicated that financial institutions (including credit unions) under $10 billion in assets have stepped up and collectively have around $60 billion (about a third) of the second-round Paycheck Protection Program funds under their management.To best serve the interest of their small-business members and themselves, credit unions that took on these loans must work to ensure that these debts are forgiven and not rolled over into low-yielding two-year loans that may need to be refinanced to be repaid.Without a doubt, careful recordkeeping will be critical to justify forgiveness. There will be lots of borrowers reaching out for help, and providing clarification will be a very challenging component of the servicing responsibilities for these loans. (Some companies are offering assistance with this process, such as—but certainly not limited to—Jack Henry, Abrigo and Capiform.)In addition to processing the forgiveness and rollover loan components of PPP, credit unions also need to be developing their game plans for the likely significant rise in the levels of nonperformance in their consumer and business loan portfolios. Add these concerns to declining net interest margins caused by the unprecedented low interest rate environment and the decline in transaction-based fee income coming from the pandemic-driven slowdown in the economy, and we have a perfect storm scenario. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Dalung Visits Athletes in Camp for Commonwealth Youth Games Â

first_imgAthletes in camp, preparing for the forthcoming Commonwealth Youth Games scheduled to hold in Nassau, Bahamas in July, have been charged to work hard and present themselves as worthy ambassadors during the games.Sports Minister, Solomon Dalung, gave the charge when he visited the athletes in camp at the Package B Hostel, National Stadium Abuja at the weekend.He urged them to believe in their ability to excel and back it up with hard work through consistent training and discipline.“I came here to encourage you and to see how you all are faring in camp. I’m aware that you have already spent one month and will be leaving for the Commonwealth Youth Games in the Bahamas soon.“I want you to believe in yourselves because self confidence will help you not only in your career as athletes but also in life. Do your best and maintain a high level of discipline in camp. I urge you to be the best that you can to lift your career and also win laurels not only for yourselves but for our country, Nigeria.He assured the athletes that all their camp allowances would be paid with no stress. “I want to assure you that all your camp allowances will paid in time without complaints but to whom much is given, much is also expected. We implore you to do your best and ensure that Nigeria’s flag is hoisted in the Bahamas during the Youth Commonwealth Games.”Responding, the captain of the team Miss Knowledge Omovoh promised on behalf of the athletes, that they will make Nigeria proud. The 17-year old 200m and 400m runner from Delta State thanked the minister, whose visit she said will boost the morale of the athletes.“I want to thank you for finding time to visit us in camp today. We are grateful to you for your motivational talk. We promise that we will put in our best to make the country proud”Team Nigeria will be represented by 26 athletes taking part  in seven sports namely; swimming, athletics, beach volleyball, cycling, boxing, tennis and judo.About 50 athletes are currently in camp at the Package B Hostel , National Stadium Abuja while the boxers are camping in Lagos. The 2017 Commonwealth Youth Games which is the 6th edition, will feature athletes between the ages of 14-18 years from 70 countries. Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Saturday is more than a rivalry

first_imgDo it for the seniors” is a common theme in locker rooms, but never has it been more relevant than this weekend. If USC doesn’t beat UCLA on Saturday, the seniors on the team will graduate having never won a game against their crosstown rivals. For a school that prides itself on being a national football powerhouse, that can’t happen.“Do it for Helton” has been a driving force for the team since the interim head coach took over, and after last week’s loss to Oregon, a loss to UCLA would just about ensure that Helton is not the head coach next year. Helton has been coaching for his job all season, and has managed to keep his team in contention for a Pac-12 South title, and his season now comes down to one game.It’s merely a coincidence that the game deciding the Pac-12 South has come down to the annual rivalry game against UCLA. That game is the most anticipated every season, especially in recent years as a result of UCLA’s success. Though beating the Bruins used to be routine, the Trojans haven’t won the rivalry game in three years. It’s important every season, as every win counts, but the Trojans’ entire season and the future of Helton is riding on this game.The two losses the Trojans have suffered under Helton have been to ranked teams, with Notre Dame currently coming in at No. 4 with its only loss of the season coming from No. 1 Clemson. Last weekend’s loss at Oregon was disappointing, but Oregon is better than its 8-3 record, as quarterback Vernon Adams missed time due to injury, but the Ducks have looked unstoppable since his return.The expectations are so high at USC that two losses, even if they are at the hands of ranked teams, makes it hard to make a case for the head coaching job. That being said, it’s also hard to argue with a Pac-12 South title. And if Helton is able to beat the Pac-12 North champion and earn a Rose Bowl berth, it’d be hard to overlook him.It’s also an important game for redshirt senior Cody Kessler. Kessler has lost to former UCLA quarterback Brett Hundley the past two seasons but will now face true freshman Josh Rosen. Kessler began the season as a Heisman candidate but has not played to his potential this year. At the end of the day, though, all of that can be forgiven with a win over UCLA. I think in a way, Kessler’s legacy is on the line. It will be the final home game of his USC career, and the way he plays against a true freshman will be the way his career is remembered.The most important thing about this game is that it determines the Pac-12 South champion. But for many Trojans — Kessler, Helton and the seniors — it is so much more than that. Legacies will be cemented and futures determined.last_img read more

Ostapenko first unseeded woman to win French Open since 1933

first_imgPhoto: © pixabay Latvia’s Jelena Ostapenko became the first unseeded woman to win the French Open tennis title since 1933.The 20-year-old came from a set down to beat world number four Simona Halep – 4-6, 6-4, 6-3.Ostapenko began the fortnight ranked 47th in the world – and had never won a tour-level title. Today, Rafael Nadal goes for a record 10th French Open title.He takes on world number three Stan Wawrinka – who knocked out Britain’s Andy Murray in the semi-final.last_img