Jump to main content

    February 2020

    A Note From Chris

    Once again it was wonderful to see so many familiar faces at the Wisconsin State GAC in Madison. What a fantastic turnout and thank you to The League for hosting such an important event. Listening to all the heartwarming stories of how credit unions are helping people is a great reminder of why we do what we do. Speaking of reminders of why we do what we do... Chad Helminak from the National Credit Union Foundation recently spent a couple of days with us taking our entire staff through NCUF’s Exploring Why workshop. In addition to gaining a better understanding of the history of credit unions, staff left with a deeper understanding of our purpose-driven mission of people helping people. We were fortunate to have a panel of thoughtful credit union CEOs each day share personal inspirational stories of the credit union difference and how Corporate Central helps their credit unions. An amazing and rewarding experience for our staff. We are all “people helping people!”

    Chris's Signature

    Chris Felton

    What’s Trending?

    Are you putting off IT modernization efforts due to complexity and cost? Consider these ROI factors associated with legacy systems.
    For enterprise technology organizations, tackling legacy systems and infrastructure is expensive, extraordinarily complex, and often impossible to justify with a traditional ROI model that weighs cost against demonstrable return on capital. On the other hand, the accumulation of applications, different tech stacks, and hard-coded solutions have created Frankenstein IT environments that are costly to operate, vulnerable to failure, unlikely to be understood from end-to-end, and detrimental to speed, flexibility, and agility. For technology professionals, these systems distract from the day-to-day work required to support critical business strategies and opportunities.

    Review the 9 ROI Factors to Consider About Legacy Tech

    Technology Solutions

    Emergifi offers suggestions for credit unions evaluating a subscription to Microsoft Office 365.
    Over the past year, many small and mid-size credit unions elected to eliminate the expense of purchasing and maintaining costly on-premise exchange servers to host their Microsoft business email. On these occasions, Emergifi recommended credit unions to consider purchasing a subscription to Microsoft Office 365 and allow for Microsoft to host their email in the cloud. In addition, many credit unions asked Emergifi to lead their email migration project.

    In addition to hosting your email, Microsoft Office 365 can benefit your credit union in other ways. Emergifi suggests:

    1. Utilizing the file storage mechanism found in SharePoint/OneDrive: Within Office 365, there is a provision to SharePoint/OneDrive which is a file storage mechanism in the Microsoft Cloud. Emergifi recommends credit unions use SharePoint/OneDrive to securely share files from anywhere. OneDrive gives you anywhere access to all your files, seamlessly integrated with Office and pre-installed with Windows. Automatically sync your files to your desktop so you can work with files offline. Access files on Windows, Mac, or your mobile devices. Use SharePoint for collaboration with your teams, including managing and sharing files or folders—within team sites or intranet sites, and across your organization. Work on a file, save it directly to OneDrive or SharePoint, and any changes you make are updated seamlessly. Deep integration with Office lets you start co-authoring a document on one device and finish co-authoring it on another, and you can select from a variety of tools to annotate, highlight, and comment on the document. Find any file you are looking for quickly with powerful search and discovery tools and get intelligent insights such as how many people viewed or shared the document.
    2. Utilizing Microsoft Teams: Microsoft Teams is a work collaboration tool. It is an Office 365 component that adds a group chat tool to the Office Suite. Microsoft Teams “supports threaded conversation” (a sequence of email or group discussion messages between parties that pertains to the same subject). For example, Microsoft Teams can be used effectively by multiple employees within account management, project management, or event planning instances. Other benefits include no additional cost for Office 365 users, useful chat additions, you can add third-party tools into your channels, seamless files search, backup, collaboration, and helpful bots.

    Contact Emergifi if your credit union would like assistance with the utilization of SharePoint/OneDrive and/or Microsoft Teams into your organization.

    Employee Benefit Resources

    Employer health plans are increasingly unaffordable. Where do credit unions stand?

    It is not surprising that health insurance in the United States can be very prohibitive for small businesses given the high cost of benefit plans. Unfortunately, the current insurance environment can sometimes result in a large divide between those who have good employer coverage and those who do not.

    Employees making $25,000 or less, or about 36 million Americans, are most likely to be priced out of any coverage at all. They simply cannot afford their company’s health insurance program. Low-wage earners pay an average of $7,000 annually for a family plan, according to a recent Wall Street Journal/NBC News poll. That is about $1,000 more than those working at companies with higher wage earners. Only one third of these workers is enrolled in an employer’s plan, which is about half the rate at higher paying companies.

    For many small to mid-size businesses, it is a tough choice between raising an employee’s share of premiums or increasing the size of their deductible to offer any health insurance plan. Some employees have left their jobs as a result of having so much taken out of their paycheck for benefits and still having to cover other out-of-pocket expenses. 

    I-Care was formed in 2015 to help credit unions and their employees be able to readily afford health insurance and to provide more enhanced product features typically reserved for much larger companies. Working together through I-Care’s collaborative approach, we now represent over 7,400 insured lives that, collectively, have greater buying power with our insurance partners. That has resulted in lower premiums and deductibles, extended coverage, and enhanced claims processing for HR administrators for our members.

    For more information, please call (414) 433-0174 or visit our website, InterLutionsCUSO.com.

    Read the Article

    Financial Services Consulting

    Is your credit union taking advantage of the SimpliCD program?
    SimpliCD, a CD program managed by Primary Financial Company, LLC, enables members to easily invest excess funds in federally insured CDs. The program gives credit unions the advantages of competitive and exclusive rates, and the convenience of consolidated reporting. QuantyPhi’s SimpliCD program can help your credit union maximize profitability while simplifying your cash flow management. With a nationwide network of issuing institutions, SimpliCD helps credit unions find the best value in the market when comparing CD rates to other investment options. Ask your Financial Strategist to show you how to use SimpliCD to your credit union’s advantage.

    QuantyPhi will host a webinar on Wednesday, February 19 at 2:00 p.m. CT titled, “A Review of Auto Performance.” This webinar will look at performance and trends in auto lending, while giving participants a review of collateral, borrower capacity, and who is making these loans. Participants will learn how their portfolio relates to the national marketplace. Register for the webinar.

    Did You Know?

    You are a target. All the cybercriminals in the world know where you work and what you do.
    Cybercriminals know you have access to systems and data from which they could profit significantly. They know what sites and applications you use to communicate and do your job. They know your co-workers, who you report to, and the other businesses in which you interact. They also know it only takes one small misstep to get you to do something for them; click on a link, enter your password, run a program, send a file, maybe even initiate a transaction. The bottom line is that from the moment you login to your laptop, pick up your device, or answer a call, you are a target.

    Email continues to be the number one threat to organizations due to its widespread use. Advanced IT controls that stamp external email with colored banners, attachment scanning, and safe links are no match for human nature. Once broad and general email scams have evolved into sophisticated targeted attacks. Email is no longer the primary method of communication; messaging apps, texting, and social media platforms can all be leveraged. Phone calls and faxes are also open to threats and can be directed to any device you use. These attacks are persistent and will continue to increase.

    We all live by the “people helping people” philosophy as part of the credit union movement. Sadly, that can leave us vulnerable to these attacks. It is in our nature to serve, to want to help, or react when a request comes our way. These are all great qualities! We need to remember to be vigilant and always have our guard up to spot anything unusual. Some good advice to follow is to wait, contact, and confirm. 

    If a request gives you even the slightest concern, wait, do not act. There are very few requests that need immediate attention, so before taking any action stop and consider the request. Next, “contact” the source who is making the request. Reach out to that person by calling or stop by their office. If you cannot reach them try a backup contact to see if the request seems valid. Finally, “confirm” any instructions that were provided. Even normal routine activities can be exploited for deceptive purposes.

    Information security remains a shared responsibility. We must all keep a heightened awareness for these ongoing threats. We are all targets.

    Credit Unions Connect

    Stories that exemplify the movement

    TruNorth Federal Credit Union braves the cold to help their community.

    Employees of TruNorth Federal Credit Union in the snow for the ski tournament

    Employees from TruNorth Federal Credit Union, located in Ishpeming, MI, recently volunteered at an aid station for the Noquemanon Ski Marathon in Marquette, MI. The Noquemanon Ski Marathon is an event of the Noquemanon Trail Network (NTN), a nonprofit organization. The mission of the NTN is to develop and maintain an interconnected, year-round, non-motorized trail network in the central Upper Peninsula of Michigan.

    Co-op Credit Union makes generous donation to Children’s Miracle Network.

    Co-op Credit Union handing a check to Children's Miracle Network

    Co-op Credit Union located Black River Falls, WI, donated nearly $7,000 to Children's Miracle Network Hospitals at Gundersen Health System. The team at Co-op sold candy, set up donation stations with Member Service representatives, and raised money from employee contributions for casual-dress days.

    Read More Credit Union Stories

    Our Community

    It feels good to do good.

    Giving back, doing the right thing, people helping people – it’s what credit unions are all about. Positively impacting and improving the lives of people is rewarding and important. Corporate Central is proud to report that our employees logged a total of 411 volunteer hours in 2019. We look forward to working with you and giving back even more in 2020!

    If your credit union needs extra volunteers for an upcoming event, please contact Brittany Jordan, Director Digital Marketing/Philanthropy Officer.

    Learn More About Our Community

    What’s New and Who’s Who

    Exploring why we do what we do.

    Chad from The National Credit Union Foundation teaching Corporate Central staff the credit union difference

    All Corporate Central employees and all employees of our CUSOs recently spent two days participating in the National Credit Union Foundation’s Exploring Why™ Workshop – a training that helps employees build their understanding and appreciation for the purpose and value of credit unions. It was a truly an incredible experience for all our staff. The workshop allowed us to build a stronger connection to our business mission and purpose, while learning new and better ways to serve our members and our community.

    Learn More About Our Team

    Wild Adventures with Leo

    Leo put his best paw forward at the WI State GAC.

    Mark Volz, Mark Sowinksi, and Leo from Corporate Central at GAC in Madison, WI

    Leo joined over 300 credit union activists from across the state representing 46 Wisconsin credit unions at the State Government Affairs Conference (GAC) in Madison on Tuesday, January 21. After receiving a copy of the REAL Solutions® video scorecard to illustrate what sets credit unions apart from other financial institutions, Leo and fellow activists braved the cold and walked to the Capitol building where 129 meetings were held with legislators and their staff. In the meetings, they explained how the structure of credit unions allows them to put members and the communities they serve first, providing numerous examples of the ways they put people before profit every day.

Upcoming Events

Monday Market Monitor

1/1/0001 12:00 AM Central Time (CST) | Conference Call

The Monday Market Monitor is a weekly conference call geared toward credit union investment managers. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and a forecast for the upcoming week.

UCC Articles 3 & 4

7/14/2020 10:00 AM - 7/14/2020 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar that will provide an overview of the basics of UCC 3 & 4, the definitions of payment instruments, and the warranties made upon presentment.

Keeping Track of Liquidity in the Investment Portfolio

7/15/2020 2:00 PM - 7/15/2020 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for a 30-minute webinar where we will update on how some of those decisions are playing out for investors since, asking if these were helpful to the credit union.

2020 Virtual HR Workshop

8/13/2020 9:00 AM - 8/13/2020 10:30 AM Central Time (CST) | Virtual

Join InterLutions and Vizo Financial Corporate Credit Union for a virtual HR Workshop, where credit unions can come to explore disaster planning from an HR perspective and discuss our recent HR experiences as a group.

Check Exceptions

9/15/2020 10:00 AM - 9/15/2020 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will review the basic kinds of adjustments, the timeframes and general responsibilities of the parties to the collection of check, and help you reduce your risks of exception handling through better understanding of the processes and timing requirements, and the terms imposed through image exchange agreements.

2020 Economic Outlook Conference

Tuesday, October 13, 2020, All Day Central Time (CST) | Virtual Conference

The Economic Outlook Conference will be held on Tuesday, October 13 and Wednesday, October 14 virtually.

Holder in Due Course (HIDC) and the Remote Deposit Capture (RDC) Indemnity

11/17/2020 10:00 AM - 11/17/2020 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will review the terms of being an HIDC, and discuss how that legal status has consequences when RDC indemnity claims are resolved.

Our Family of CUSOs

Emergifi Logo Interlutions CUSO Quantify CUSO

Corporate Central Credit Union
6262 South Lowell Place, Muskego, WI 53150
Phone: (800) 242-4747 | Fax: (414) 427-3700
Privacy Policy | Disclosures

Powered by SmartSource Solutions, LLC
Copyright © 2020 | All Rights Reserved