December 6, 2024

Dear Credit Unions,

As your servicing partner, CUBG provides monthly 1502 reporting direct to the Fiscal Transfer Agent (FTA) on your behalf. 

Form 1502, Guaranty Loan Status & Lender Remittance Form, is the standard form used to report information on the 7(a) loans in a lender's portfolio to remit payments and fees. Form 1502 for 7(a) loans is due to the FTA via the 1502 Gateway within SBA Capital Access Financial System (CAFS) on the 3rd of each month, or the next business day if the 3rd is not a business day.

The SBA has recently changed the Form 1502 reporting process for lenders. 

Updates to the process include the re-defining of information reported to the SBA as well as a new look for the report lenders receive. The new 4-step process is outlined below. 

Beginning in January 2025, CUBG will be utilizing this new reporting system to submit 1502 reports for your credit union. 

A snapshot of the 1502 report you can expect to receive is below.

No disruptions or delays in reporting are expected with this new, modernized reporting system and CUBG requires no additional information from your credit union to begin processing the Form 1502 on your behalf using this new module.

The SBA is targeting a full transition to this new module as of June 2025. During the implementation period if further information is needed from you, CUBG will send additional notifications or contact you directly.  

For questions regarding this change in reporting please contact our team at SBA.Services@cubg.org. 

CU Business Group | info@cubg.org | 866-484-2876| www.cubg.org