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February 2021

    A Note from Chris

    It was great to see so many passionate credit union professionals participate in the virtual Wisconsin State GAC – what a fantastic turnout, and thanks to The League for hosting such an important event. I encourage everyone to consider attending CUNA’s GAC in March to promote all the wonderful things credit unions do for their members and communities. Listening to all the heartwarming stories of how credit unions are helping people, especially during this global health crisis, is remarkable and a great reminder of why we do what we do. People helping people... It just never gets old!

    Chris Felton's signature

    Chris Felton

    QuantyPhi Helps Make ALCO More FUN

    The final ALCO fun video has been released.

    The goal of this campaign was to shed some light on QuantyPhi and what they do to help credit unions. Hopefully, the video series has done just that! The final video highlights balance sheet consulting. QuantyPhi can review all aspects of a credit union’s current position including loan assets, liability structure, and risk exposure. Following a review, QuantyPhi can make recommendations to address issues of concern, take advantage of income opportunities, and limit risk if necessary. They can run “what-if” scenarios, help credit unions plan for unpredictable market fluctuations, and explain how to find opportunities on both sides of the balance sheet.

    Watch the Video

    What’s Trending?

    How much do you know about China’s new digital currency?

    China is testing a digital yuan, aiming to accelerate the replacement of cash and increase state control in a society where digital payments via Wechat Pay and Alipay are already the norm. Here is what Beijing’s new system looks like—and how it would work.

    Watch the Report

    Technology Solutions

    How secure is your credit union?

    Emergifi is pleased to announce that Emergifi services were NOT affected by the SolarWinds Orion Compromise. With our cloud-based approach, Emergifi continuously, and without interruption, provides our credit union clients secure monitoring and management. Emergifi provides central, integrated cybersecurity services to ensure your systems are secure. If your credit union would like to register for a free cybersecurity assessment, please contact Emergifi sales.

    Employee Benefit and Insurance Resources

    Five workplace benefits employees want this year.

    It took the coronavirus pandemic to completely change the mindset of the U.S. workforce and the HR professionals that support them. Employees have new and loftier expectations for the various benefits that their employers will look to provide in 2021 and beyond. A recent survey conducted by a software company called Citrix polled 2,500 employees and HR professionals to determine how employee expectations have changed during the pandemic and what they are now looking for in the workplace. Citrix suggests if businesses want to attract and retain the talent they need to advance, they must understand their employees’ mindsets and desires to develop plans that accommodate those specific asks to garner the best performance from their workforce. Specifically, the survey found five benefits that employees would like to see from their employers:

    • Workplace flexibility – 88% of employees surveyed want organizations to offer complete flexibility of work location and job hours.
    • Upgraded technology – 88% of respondents said technology tools with telecommunications are now a major factor in job selection.
    • Educational opportunities – 82% of employees want skills training at least once a year to stay competitive in their fields.
    • Diversity initiatives – 86% of employees believe that a diverse workforce will become even more important as roles, skills, and company requirements change.
    • Less focus on output – 86% of employees would prefer to be evaluated by the quality of their work over quantity.

    Happier and healthier employees are the backbone of our credit union success. Being mindful of employees’ mental health, workplace needs, and physical well-being are integral to serving our members. That is why our I-Care employee benefits program was created. I-Care now insures close to 10,000 credit union lives and compliments workplace needs with superior healthcare plans and features rich insurance benefits. To learn more about how I-Care is positively impacting credit union employees, visit us at InterLutionsCUSO.com/I-Care or call (414) 433-0174.

    Read the Article

    Financial Services Consulting

    Where are rates headed?

    A new year has arrived but so far has not brought us back to “precedented” times. With several COVID vaccines in production there is light at the end of the tunnel, but mutations of the virus and supply and logistic issues keep a timeline for the end in question. The bigger question may be what happens when it is over? What will be the result of the government’s enormous spending to fight the virus, both physically and economically? More importantly, what fiscal shape will the population emerge in the COVID aftermath? Estimates are that 20% of households are not making rent payments right now. This has major implications for renters and landlords. How will it shake out? With the equity markets continuing to hit all-time highs in 2021 can we take hope that the economy will soon take off and push rates higher with it? Or will the massive liquidity injections and a struggling economy pave the path for rates to enter new depths? We wish we had the answers. There is no certain path for interest rates. There never is. The only way to successfully navigate these times is by understanding your balance sheet and what it needs from the investment portfolio to support it. Knowing how rate changes will affect your credit union and managing your balance sheet accordingly will provide the map to get you through. Fortunately, you have someone you trust who can do the heavy lifting. Call us. We are here to help.

    Contact QuantyPhi

    Did You Know?

    CUNA Strategic Services and InterLutions have connected to deliver enhanced employee benefits to credit unions.

    CSS Partnership

    InterLutions CUSO launched an alliance with CUNA Strategic Services (CSS) to provide more credit unions with access to I-Care, a pioneering employee benefits solution designed to mitigate rising health costs. The I-Care collaborative benefits model pools the combined risk of the credit union employees they insure and leverages that credit union collective buying power to reduce health insurance costs. The expense reductions, along with big data analytics and consultative HR experts, have allowed credit unions to offer more competitive and enhanced benefit plans. This alliance provides credit unions with the flexibility to choose from a myriad of carrier networks and plan options.

    Read the Press Release

    Credit Unions Connect

    Stories that exemplify the movement

    CoVantage Credit Union Cares Foundation generously supports charities in their community.

    CoVantage donations

    For the fifth year in a row, CoVantage Credit Union used funds donated from the CoVantage Cares Foundation Giving Tuesday campaign to local charities. The credit union stated, “The Board of Directors for CoVantage Cares Foundation announced that checks totaling $507,073 were presented to local non-profit groups that serve communities where CoVantage Credit Union has branches. The funds were made possible thanks to generous donations by CoVantage Credit Union members, staff, and community members who responded to the Foundation’s 2020 Giving Tuesday campaign.” Funds were distributed to nine organizations near CoVantage branches and ranged from community centers to homeless shelters.

    Kohler Credit Union creates cookbook to raise funds for local food pantries.

    Kohler Credit Union Donations

    Kohler Credit Union created a community cookbook of tasty slow cooker recipes, sold at select grocery stores, to raise funds for community food banks. One hundred percent of the proceeds, along with a matching donation from the credit union, were donated to local organizations helping to provide their neighbors with much needed pantry staples. Charitable contributions were made to Full Shelf Food Pantry, Saukville Community Food Pantry, Sheboygan County Food Bank, and Peter’s Pantry.

    Read More Credit Union Stories

    Our Community

    It feels good to do good.

    Foundation Fitness Fundraiser

    The Wisconsin Credit Union Foundation works to promote the wellness of credit unions and the communities they serve. This is why Corporate Central is proud to show our support of the upcoming Foundation Frozen Fitness Fundraiser by registering all employees for some frozen fun! The event runs February 20 through February 28.

    What’s New and Who’s Who

    Corporate Central is excited to participate in FedNow‚Ą† Pilot Program.

    Corporate Central is excited to announce our participation in the Federal Reserve Banks’ pilot program for their upcoming instant payments offering, the FedNow Service. The program is designed to support the development, testing, and adoption of the FedNow Service –as well as to encourage development of services and use cases that leverage FedNow functionality. All program participants are representative of various types of institutions and service providers, connection types, settlement arrangements, and experience levels. To view the list of organizations that have announced their participation, visit FRBservices.org. Through direct involvement in the FedNow Pilot Program, participating financial institutions and processors will help shape features and functions, provide input into the overall user experience, and ensure readiness for testing and be the first to experience FedNow during the closed-loop product phase prior to going live. This initial phase will focus on further defining the service and adoption roadmap, industry readiness approaches, and overall instant payments strategy.

    Learn More

Upcoming Events

Data Driven Strategies to Retain and Grow Member Relationships

12/7/2021 2:00 PM - 12/7/2021 2:45 PM Central Time (CST) | Webinar

Join our partners at SRM for this 45-minute webinar where we will answer this question with tangible, actionable data.

Monthly Market Monitor

12/8/2021 3:30 PM - 12/8/2021 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.

Are you smarter than an economist?

12/15/2021 2:00 PM - 12/15/2021 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for this 30-minute webinar to see how well you can predict major market indicators. If you are the predicting champion, you will claim the title and a prize.

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