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December 2021

    A Note from Chris

    With the end of 2021 in sight, I hope you take a moment to reflect on the difference you have made this year as you celebrate the holiday season. The holidays are a special time to connect with all that grounds us in purpose. We have been through so much change and growth together this year; and the light of goodness, kindness, possibilities, and hope shown by so many of you through your words, actions, and humanity towards one another and your communities is truly remarkable. I hope you and your families all find joy, love, peace, and warm memories this holiday season. From all of us at Corporate Central, we wish you a very Merry Christmas and a Happy New Year filled with success, happiness, and good health.

    Sincerely,

    Chris Felton's signature

    Chris Felton
    President/CEO

    What’s Trending?

    Answers to five key questions about credit unions and cryptocurrency.

    Starbucks will let you pay for your Caramel Macchiato with it. Whole Foods is happy to accept it for that deli container of buckwheat pilaf. And Microsoft—a corporate granddaddy in the space—embraced it for some digital payments way back in 2014. The “it” in question? Cryptocurrency.

    Cryptocurrency has shed much of its reputation as the currency of choice for users of the dark web, but it has yet to gain a lot of traction in the credit union space. If your credit union is crypto-curious, these five questions are a good place to start.

    Read the Article

    Technology Solutions

    Robotic Processing Automation (RPA) - Transforming Credit Unions with Intelligent Automation.

    Credit union organizations need to remain competitive in this new, digital-first era. Organizations have started investing in transformational technology that can drive next-level digital transformation, while keeping costs down. Intelligent automation has become one of the go-to technologies that helps credit unions boost employee efficiency, optimize operations, and deliver high-quality member experience, all while keeping maximum data security. Credit unions need to learn what intelligent automation is all about and how the leading credit union organizations are deploying intelligent automation to deliver high ROI in record time. Credit unions should also discover how robots can leverage technologies like Intelligent Document Processing (IDP) to streamline high-volume processes that require data inputs of different documents in structured and unstructured formats.

    For more information about RPA use cases for credit unions, contact Emergifi.

    Employee Benefit Resources

    Proven case studies that drive down healthcare costs.

    Jesse Kohl, President of InterLutions, recently spoke to a group of credit union leaders in California about how credit unions are known to be a part of a collaborative movement that relies on data and technology to keep them thriving. He shared how credit unions can leverage their data to lower their employees' medical insurance costs and provided real statistics that prove why credit union employees are a healthier population than other industries. During his presentation, Jesse revealed statistics about I-Care’s collaborative models that have proven to lower the credit union industry's healthcare costs and enhance employee benefit packages. Credit unions owe it to employees to deliver competitive benefits and to do so, they need to change their way of thinking about how to purchase insurance and deliver benefits. Through collaboration, data, and technology, credit unions can provide employees better benefits experiences.

    Credit unions interested in learning more about I-Care’s collaborative employee benefit solutions can visit InterLutionsCUSO.com to watch I-Care informational and client testimonial videos.

    Financial Services Consulting

    Are you smarter than an economist?

    Bond prices were volatile last month as the market faced a strong set of employment data, another round of elevated inflation numbers, initiation of Fed tapering their monthly bond purchases, continued strength in retail sales, and another surge in COVID cases in Europe. Despite the volatility, prices ended largely unchanged for the month once the smoke cleared.

    The future of rates will likely be determined by one of two major forces – inflation or COVID. Will these elevated inflation numbers prove to be “largely transitory” as the Federal Reserve and Wall Street pundits are professing? Will COVID throw ice on economic growth across the globe and vaccine mandates increase labor and supply chain woes? How each of these play out will certainly have much to say about where rates end up.

    What do you think? QuantyPhi is sponsoring a contest to see who can come the closest forecasting key rates and economic numbers for 2022. It will be your chance to show your peers your prognostication skills while winning fabulous prizes. Tune in to this month’s QuantyPhi webinar on December 15 at 2:00 p.m. CT for details.

    Register for the Webinar

    Did You Know?

    Corporate Central has never impaired any members’ capital.

    Recently, you may have seen headlines or read articles from the NCUA about the distribution of recovered capital from the Corporate System Resolution Program. The program was an initiative established by the NCUA Board to stabilize, resolve, and reform the corporate credit union system in the wake of the 2008 financial crisis. The program allowed the credit union system to absorb the failures of five corporate credit unions over time. You may have also seen some corporates announce that they are using their capital recoveries to “pay back” their members through special dividends, service credits, or one time rate increases because they impaired some, or all, of their members’ capital.

    We are proud to say that Corporate Central did not impair any of our members’ capital. When it comes to investing, safety is our highest priority and Corporate Central never chases yield. During the financial crisis, our investment portfolio remained strong throughout and we continue to employ the same conservative strategy today. Our membership demands liquidity, and it is in our DNA to meet your liquidity needs. Being a reliable source of liquidity dictates that we manage our balance sheet to provide optimal liquidity for our members, while providing an attractive and competitive return on investments.

    Corporate Central’s success is driven by the continued support and confidence shown to us by our members. That support has been rewarded month after month in the form of earnings returned to our members to help position your credit unions to grow and thrive. We have a history of paying above market rates on capital and investments to our members. Over the past 10 years, we have held the line on fees, we have decreased fees, and in some cases, we have eliminated fees completely.

    We have made a strategic investment in technology to build a better digital platform and experience and to further advance financial wellness for our members and the people you serve – “people helping people.” We are focusing our strategic priorities on leveraging technology to optimize the member experience and our service to you. This significant level of additional investment will enable a robust engine for innovation utilizing machine learning, robotics, smart workflows, and artificial intelligence. Quite simply, we are investing in your future.

    Credit Unions Connect

    Stories that exemplify the movement

    Keeping kids warm with Koats for Kids.

    Koats For Kids

    Chippewa County Credit Union hosted Koats for Kids, a winter coat drive and distribution for local children in the Chippewa County Michigan area. The drive helped ensure over 150 children will have the necessary outer layers to stay warm this winter. The credit union gave credit to their members stating, “Our community is the best. We couldn't do these events without you! THANK YOU!”

    Feeding neighbors in need.

    City & County Credit Union volunteering in pink shirts

    City & Country Credit Union spent an afternoon volunteering at The Food Group in New Hope, MN. The credit union volunteers were able to pack 6,300 pounds of food during the time at the charity. In total, the boxes the team filled will provide 5,200 meals for neighbors in need.

    Read More Credit Union Stories

    What’s New and Who’s Who

    Corporate Central celebrates Cherie Spargur’s 25th anniversary.

    Cherie and Nick posing with anniversary cake

    A few weeks ago, Corporate Central employees gathered at the office to celebrate Cherie Spargur’s 25th anniversary! Since Cherie began her career at Corporate Central, she has gained vast experience within the accounting department which led her to be promoted to the Vice President Accounting in October 2008. She oversees the accounting department, directs and leads the development and implementation of new techniques, and accurately communicates federal, state, and local regulatory reporting. Cherie is a wonderful leader and mentor and we feel very fortunate to have her on our team. Congratulations, Cherie!

    Julie Woloszyn has become Corporate Central’s Marketing Manager.

    Julie Woloszyn

    Congratulations to Julie Woloszyn for her recent promotion to Marketing Manager! In this new position, Julie will formulate marketing programs that exemplify the organization’s culture and philosophies and drive member engagement. She will direct and manage all marketing, campaigns, and reporting processes, collaborate with leadership to formulate effective strategies to meet company objectives, and direct efforts to plan, create, and promote professional development opportunities for members. She will also mentor, develop, and manage performance of the marketing team.

    Julie began her career at Corporate Central in August 2008 as the Director Brand Awareness. As Corporate Central grew and the marketing department expanded, Julie’s title adapted to Director Professional Development & Communications in March 2021 to better reflect her roles and responsibilities. Julie earned her bachelor's degree in Communication Arts from UW-Madison, and she is a member of the American Marketing Association.

    Learn More About Our Team

    Our Community

    Corporate Central hosted a virtual food drive benefitting the Milwaukee community.

    Food for Families logo

    Corporate Central hosted a virtual food drive in conjunction with Hunger Task Force. Cash donations and food purchases were collected totaling $1,807 in donations. Donations are being distributed this holiday season throughout the Milwaukee area, where they are needed most, by Hunger Task Force.

    Wild Adventures with Leo

    Leo is gearing up for the holiday season.

    Leo in holiday gear

    Our favorite pal, Leo, is getting festive this holiday season and preparing to celebrate in style. He wishes a happy, safe, and joyous holiday for you and your loved ones.

    Leo is excited to help Corporate Central staff prepare for our annual Christmas with the Vets drive and is collecting donations. If you would like to help Leo reach his goal of $3,000 collected, please consider helping us bring veterans in the Milwaukee area a very merry Christmas.

    Donate to Christmas with the Vets

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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