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April 2022

    A Note from Chris

    The time has FINALLY arrived where we are planning IN PERSON events again. We are so excited to reconnect with you all very soon at some upcoming events.

    The 41st Annual Membership Meeting of Corporate Central will be held at 9:30 a.m. CT on Thursday, May 12, 2022, at the Red Lion Hotel Paper Valley/Fox Cities during The Wisconsin Credit Union League’s Annual Convention. All members of Corporate Central are welcome to attend. If you are unable to be there in person, we invite you to watch the meeting via live stream. Instructions for accessing the live stream will be emailed to all members prior to May 12. Please be sure to register your delegate by completing the official delegate registration form that was emailed to each President/CEO on Monday, March 14. If you need a copy of the form, please contact us.

    Corporate Central and The League will be co-hosting Credit Union Day at the Ballpark once again! Join us on Sunday, July 24 at American Family Field where the Brewers will take on the Colorado Rockies. All credit union employees, families, and friends are welcome. Proceeds will benefit The Wisconsin Credit Union Foundation and The National Credit Union Foundation.

    See you soon!

    Sincerely,

    Chris Felton's signature

    Chris Felton
    President/CEO

    What’s Trending?

    Current challenges and three key areas to focus on to win the war for talent.

    As organizations struggle to retain their most valuable asset—their people—in this ongoing pandemic, it’s become clear that people strategy is everyone’s responsibility; it doesn’t just belong to HR, but also to the CEO and the C-suite. It has also become more important than ever to involve leaders at all levels in your credit union’s talent management efforts.

    Read the Article

    Technology Solutions

    Your credit union’s security practices matter, and the safety of your members’ information is vital. Maintaining a strong, secure cloud document management system will help your credit union thrive in the digital age. However, there are still individuals who fear the cloud, or do not trust that it is the right move. Emergifi has information to share with anyone who is considering a digital transformation and cloud migration. Contact us to setup a consultation.

    Employee Benefit Resources

    Why are I-Care credit unions healthier than other employers?

    Two simple but effective models we live by:

    1. Cost Containment: We provide our clients with enhanced claims data, innovative clinical programs, volume-based discounts, and purchasing efficiencies. Equally as important, we provide credit union HR departments with the appropriate resources to leverage the tools referenced above that have a proven history of helping employees and driving down high-cost claims.
    2. Active Management: We provide our clients with effective advocacy programs. We all know the 80/20 rule. Let’s provide the employees that need us the most with proper guidance to better healthcare. Let’s guide them to the highest-rated (and often-times lower cost) health facilities for those common yet high-cost healthcare procedures (i.e. knee surgeries, hip replacement, dialysis treatment, etc.). Or better yet, let’s leverage enhanced claims data and technology to deliver our employees with the appropriate resources to prevent these high-cost claims.

    Call InterLutions today at (414) 433-0174 to learn how your credit union can get access to tools that deliver better results.

    Financial Services Consulting

    The only consistent factor we have had in the market is volatility.

    The Federal Reserve (Fed) initiated their next tightening phase on March 16 increasing their targeted Fed funds rate by 25 basis points. Having just announced the tapering of the $120 billion a month bond purchasing program that was part of quantitative easing, the rate hike was anticipated by all market participants. The economic releases in March cleared a path for the tightening as the employment data came in stronger than expected and both inflation numbers remained elevated. Consumer prices were reported up 7.9% and producer prices 10.0% year over year. Both were close to forecast but well above the Fed’s desired 2.0% level.

    How much higher will the Fed push rates and how quickly will they do it? Market volatility remains at high levels as participants try to figure out those answers. Initial discussion after the rate hike centered on the difficult path in front of the Fed. After years of providing historic liquidity to the market, the Fed now will be reversing course and tightening. They will have to keep an eye on the fragile global economic picture complicated by the Russian invasion of Ukraine. The flattening yield curve will also be in focus as the two to ten year spread sits at 15 basis points. An inversion would signal a likely recession threating the ability of the Fed to continue hitting the brakes.

    Adding to the market volatility is the uncertainty of the Fed’s timing. After a speech by Chairman Powell that the Fed would consider a 50-basis point rate hike if needed, analysts shifted their projections to four such moves by the Fed. Currently, Fed funds future trading calls for funds to climb from .33% today to 2.62% after the February 2023, FOMC meeting. The short end of the market has adjusted to that projection. The long bond meanwhile has had a more muted response with the belief that the Fed’s aggression will curb inflation or that it will bring the economy to its knees.

    The only consistent factor we have had in the market is volatility. Six months ago, the Fed fund futures market signaled a funds rate of .38% after the February 2023 FOMC meeting. Three months ago, it signaled .85%. Today 2.62%. With COVID still in the picture, the Russian/Ukrainian war still being waged, and mid-term elections in front of us, the uncertainties remain. This puts us in the same situation we always find ourselves. Be prepared for all possibilities. You can manage to your expectations but do not take your eyes off the other scenarios that could play out. Make sure your balance sheet can handle the unexpected.

    Circle May 25 and May 26 on your calendars. You will have the opportunity to get fully immersed in the Balance Sheet Optimization process as QuantyPhi brings back its ALM Workshop. We will be hosting the workshop at our office in Muskego. Keep an eye out for further announcements.

    Did You Know?

    Corporate Central now offers enhanced student loan solutions.

    During several product evaluations with our members over the past couple years, we listened to important feedback and recommendations about what credit unions need from a student loan partner to drive engagement and fuel their growth efforts. Recommendations from our members included enhancements such as student loan refinance options, on-balance sheet and third-party servicing programs, and more competitive student loan rates. We are very excited to be able to offer all these enhancements to our members through our new and improved student lending solutions.

    Learn More

    Credit Unions Connect

    Stories that exemplify the movement

    Share-A-Bear for kids.

    Park City Credit Union Share A Bear

    Park City Credit Union held its 12th annual Share-A-Bear fundraising event. For a minimal donation, members and staff were able to sponsor stuffed animals for children receiving care at Marshfield Children’s Hospital. Through the generosity of their staff and members, the credit union was able to raise over $4,487 to bring, “a smile and extra comfort to every child that comes to Marshfield Children’s Hospital for a surgery, procedure, or hospital stay.”

    Going casual for a cause.

    Collins Community Credit Union

    Collins Community Credit Union team members raised $1,815 for the Cedar Valley United Way through their Casual for a Cause program. The credit union stated, “We strongly believe in their fight for the health, education, and financial stability of every person in our community. We appreciate all that you do!”

    Read More Credit Union Stories

    What’s New and Who’s Who

    Joel Shearrow has joined our team as a Relationship Development Officer.

    Joel Shearrow

    We are very excited to introduce and welcome Joel Shearrow as a Relationship Development Officer! Joel assesses the financial climate and needs of our members and then suggests Corporate Central financial products and services accordingly. He advises and schedules training, educational, and informational opportunities for credit unions, and he assists in the development of marketing strategies, business plans, and sales objectives. Joel spent the first part of his career working in the capital markets and investment banking space. From there, he went to work for Milwaukee Tool, holding numerous roles in sales and marketing. He is a graduate of Kennesaw State University. In his free time, Joel enjoys the outdoors with his family by going on adventures, fishing, or playing catch. He plays four instruments, and he is also a classically trained chef. Welcome to the team, Joel!

    We are sad to see her go, but we wish Terri Drobka well in retirement!

    Terri Drobka

    On March 31, we celebrated with Terri as she enjoyed her last day at Corporate Central. Terri will be moving out of state with her mom to be close to family and begin what we all hope will be a long, healthy, joy filled next chapter. No worries, she will remain a Packer fan! 😉 Congratulations, Terri. Enjoy retirement!

    Learn More About Our Team

Upcoming Events

Monthly Market Monitor

7/13/2022 3:30 PM - 7/13/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Altered Checks and Regulation CC Presumption of Alteration

7/19/2022 10:00 AM - 7/19/2022 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will discuss the UCC presentment warranty and Regulation CC’s Presumption of Alteration, what they mean, and how the presumption of alteration affects a depositary FI when it receives a claim from a paying FI that it was presented an altered check.

Crystal Ball Challenge Update

7/20/2022 2:00 PM - 7/20/2022 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for our 30-minute webinar to see how our contestants are doing in our Crystal Ball Challenge. This is the second of four quarter-end competitions.

Credit Union Day at the Ballpark 2022

7/24/2022 10:30 AM - 7/24/2022 4:00 PM Central Time (CST) | Milwaukee, WI

Save the date for Credit Union Day at the Ballpark, Sunday, July 24, 2022 in Milwaukee, WI.

Monthly Market Monitor

8/10/2022 3:30 PM - 8/10/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Monthly Market Monitor

9/14/2022 3:30 PM - 9/14/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Economic Outlook Conference 2022

10/12/2022 9:00 AM - 10/12/2022 3:00 PM Central Time (CST) | TBD

Save the date for Corporate Central's Economic Outlook Conference, October 12, 2022.

Remotely Created Checks

10/18/2022 10:00 AM - 10/18/2022 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will discuss the Remotely Created Check as defined in Regulation CC and the warranty a presenting FI makes that a Remotely Created Check is authorized by your account holder.

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