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    January 2021

    A Note from Chris

    Happy New Year! With the emphasis this year on “New!”

    The holidays sure felt much different, but I hope you found time to relax, enjoy time with those closest to you, and do some calm reflecting. Although 2020 presented many challenges, it was also filled with opportunities to reach out and take care of each other. As I reflect on measures imperative for Corporate Central to better serve your credit unions, I am proud to say that 2020 was a successful year. We experienced incredible growth in assets under management, new members, and service utilization; all while continuing to operate at strong capital levels. Now, while there are still challenges lingering, it is a new year! It is time to refocus, plan, and prepare to tackle new challenges. We will continue to focus our strategic priorities on leveraging technology to optimize your experience and our member service. We look forward to working with you and continually improving your entire interaction and experience with us.

    On a different note, I strongly encourage our members in Wisconsin to participate in The Wisconsin Credit Union League’s State GAC in a few weeks. This event is an important one for our movement. The event will be held virtually again this year. Virtual events never feel as impactful; however, with a great turnout we will make ourselves heard. I always enjoy listening to all the amazing stories of how credit unions are helping people through in-school branches, financial education, charitable work, and community involvement. The credit union story has never been more powerful and meaningful as it has been during this global pandemic, so do not miss this opportunity to share your unique and defining stories with legislators.

    I hope you share my optimism that this year will be a better year. Here’s to a happier and healthier 2021, and most importantly, here’s to you!

    Chris Felton's signature

    Chris Felton

    QuantyPhi Helps Make ALCO More FUN

    The third ALCO fun video has been rolled out.

    The goal with this campaign is to shed some light on QuantyPhi and what they do to help credit unions. The third video addresses buying and selling loan participations. QuantyPhi’s fully integrated, online loan participations platform gives credit unions immediate access to hundreds of loan offers with no exclusivity, no fees, and no minimum purchase requirements. The reporting process is super easy, comprehensive analytics are provided, and best-in-class compliance is offered to help credit unions grow income, reduce risk, and achieve more opportunities for growth.

    Watch the Video

    What’s Trending?

    Why credit unions are heading to the cloud in 2021.

    The power of the cloud has become popular across industries of all types thanks to its ability to leverage state-of-the-art technology for less money, no upfront hardware costs, and no maintenance. Despite all the benefits, you may be wondering if this technology offers enough benefits – and security – to make the transition worthwhile. The good news is that there has never been a better time for credit unions to embrace the speed and power of the cloud.

    Read the Article

    Technology Solutions

    Remote work hardware options for remote work employees.

    If your credit union is making remote work plans for employees in 2021, there are ways to ensure your employees are productive. From an employee's perspective, the most important hardware upgrades involve super-sizing the components you interact with the most. Instead of a compact laptop display, you may want to consider providing employees with a big screen monitor, or even a dual-display configuration. Add a full-size keyboard, a mouse, and a wired network connection, and you have everything you need to maximize productivity. How do you get that ultimate home workstation? Here are a couple of options:

    OPTION 1: The Do It Yourself (DIY) Approach
    In this scenario, you start with the notebook your IT department gave you, and then add whatever hardware you can gather to make your work environment more pleasant. Spoiler alert: You are going to need a lot of cables. For older computers you may need a power adapter plugged in, and a cable (and possibly a mini-HDMI adapter) to connect your monitor. Also, for an older computer you may be able to plug in a keyboard and mouse but not a wired ethernet adapter. If you are lucky, you have a newer notebook with one or more USB type-C connectors. If that is the case, your job is much easier. For less than $20, you can pick up a port extender for that type-C port into which you can plug a USB keyboard and mouse, an HDMI cable, and an ethernet adapter, but you will still need to keep your external power adapter handy.

    OPTION 2: The Dedicated Docking Station
    Perhaps you prefer not to deal with a nest of cables and connectors every time you step into your home office. Perhaps your IT department has a budget for this sort of peripheral. In this case, your next hardware upgrade may be to a dedicated docking station designed specifically for your laptop hardware. A dedicated docking station powers your laptop, drives one or more displays, connects to a wired network, and allows you to keep USB devices (including a full-size keyboard and mouse) attached. Plug in a single connector, and you are ready to get to work. Dell, Lenovo, and HP all offer docking stations for their laptops. You can expect to pay around $200 for these dedicated docks, but the convenience is hard to beat.

    For more information about remote work solutions, please contact Emergifi.

    Employee Benefit and Insurance Resources

    You can’t spell “hero” without “HR.”

    Looking back at the past year, we at InterLutions CUSO and I-Care reflect on the extraordinary bravery, commitment, and heroism of the frontline caregivers who relentlessly carry the burden of providing health care to the stricken masses around the world. Thank you so very much.

    You can't spell "hero" without "HR"

    Right behind them are the human resources (HR) personnel who ‘answer the bell’ each day, working diligently to ensure employees remain safe and properly equipped to handle the stress of working remotely or in offices that require new protocols to physically protect everyone. Many credit union HR departments are concerned about the health and well-being of employees but are also strained processing paperwork and providing solace to the millions of workers who have been laid off or furloughed. For employees still on the job, HR managers are trying to keep their workers productive, motivated, engaged, and connected—all factors that are moving targets. HR managers have also expanded their duties to include keeping staff up to date, reassuring employees that we will all get through this together, and building trust in the way everyone now needs to operate. A tall order in addition to regular oversight duties.

    This year credit union HR managers will need to focus on health and wellness benefits. The U.S. health industry is quickly evolving, with the private-sector and public-sector communities working to alter and fix shortcomings that the pandemic has brought to light. HR professionals will have to expand and adapt their toolkits to take advantage of new coverage and plan options, as well as employee management techniques and strategies.

    Our I-Care employee healthcare service salutes the tireless efforts of all the credit union HR members, and we are prepared to help you make informed choices when it comes to insuring employees. To learn more about I-Care, visit InterLutionsCUSO.com or call us at (414) 433-0174.

    Financial Services Consulting

    Is your credit union in a position to make strategic decisions quickly and easily?

    It is not often that the entire country takes joy in putting a year behind us, but 2020 has been one of those years. We were able to experience the thrill of quarantining at home and helping guide our children through the home-schooling process. (Teachers have never been more appreciated!) We discovered the truth behind the expression, “be careful what you wish for,” when the stimulus package inflated balance sheets and added massive liquidity in a barren marketplace. The Fed’s aggressive action quickly pushing overnight rates close to zero created stress for many portfolio managers looking for income. Those who were not prepared struggled to find the right path too often making decisions driven more by desperation than analysis. For those who came into the year with a benchmark, the path was much easier to find. Understanding their balance sheet needs and where they stood allowed them to quickly make the adjustments necessary in response to the market conditions. The ability to measure risk, along with expected income, allows one to make solid, strategic decisions confidently and take advantage of opportunities that surface in chaos. If QuantyPhi were looking for an example of why credit unions should embrace the balance sheet optimization process, 2020 provided it. As we put 2020 in our rear-view mirror, we can realistically expect life to begin to return to “normal.” We can be confident that things will improve and hopefully we take lessons from our experiences. QuantyPhi stands ready to help on that front. We can do all the work to help you optimize your balance sheet, monitor where you are for both income and risk, and provide analytics to allow you to make those strategic decisions quickly and easily. It can ensure that 2021 proves to be a better year.

    Contact Us

    Did You Know?

    Corporate Central introduces enhanced analytics and reporting capabilities for ACH and wire payments.

    We are excited to introduce two new payment analytics service enhancements. The new ACH and wire analytics services are delivered through Corporate Central’s suite of payment solutions and provide credit unions with enhanced fraud analysis and automation. The ACH analytics service provides credit unions with access to reports to analyze their ACH transaction information based on criteria determined by their specific needs. ACH analytics reports are provided to credit unions directly from the Federal Reserve Bank via secured email. The wire analytics service provides credit unions with domestic and international wire data through an automated secure daily file. Wire analytics provide important data for credit unions to enhance internal due diligence and wire review evaluation.

    For more information about Corporate Central’s ACH and wire analytics services, please contact Member Services at (800) 242-4747.

    Credit Unions Connect

    Stories that exemplify the movement

    Staley Credit Union spreads holiday cheer.

    Staley Credit Union employees with piles of gifts

    Staff from Staley Credit Union in Decatur, IL created 60 Christmas bags to donate to residents at Prairie Creek Village. The credit union stated, “We’re very grateful to make the holidays brighter for our community!”

    Superior Choice Credit Union celebrates the season of giving.

    Superior Choice Credit Union check and donations for NWCSA, The Brick, Second Harvest, and ICAA

    Superior Choice Credit Union in Superior, WI recently donated a total of $12,700 to Indianhead Community Action Agency, The BRICK Ministries, Northwest WI Community Services, Inc., and Second Harvest Northern Lakes Food Bank. The credit union commented, “With everything that's happened in 2020, the importance of paying it forward this holiday season is as meaningful as ever. As a token of our gratitude for everything they do for our communities, we're so excited to be able to support some great local organizations.”

    Read More Credit Union Stories

Upcoming Events

Investment Portfolio Benchmarking

4/21/2021 2:00 PM - 4/21/2021 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for this 30-minute webinar and find out how an investment portfolio benchmarking study can benefit your credit union.

Leverage Data and Technology to Reduce Healthcare Friction

4/27/2021 1:30 PM - 4/27/2021 2:00 PM Central Time (CST) | Webinar

Join InterLutions for this 30-minute webinar to learn five innovative strategies that will reduce the friction in delivering benefits to our most important assets – our employees.

Sallie Mae Student Loan Partnership Refresher (LIVE DEMO)

4/29/2021 2:00 PM - 4/29/2021 2:45 PM Central Time (CST) | Webinar

Sallie Mae will provide a refresher of the student loan program and conduct a LIVE Marketing Portal demo to walk through the process of ordering free higher education marketing materials. If your credit union is using the Sallie Mae student loan program and would like a refresher on the program prior to peak student loan season, this webinar is for you.

How Not to Manage Vendors: Strategies for Avoiding Costly Vendor Management Mistakes

4/29/2021 2:00 PM - 4/29/2021 3:00 PM Central Time (CST) | Webinar

Join Ncontracts as they highlight the strategic mistakes and oversights that lead to third-party vendor problems and what your institution should be doing to prevent them.

40th Annual Membership Meeting

5/6/2021 9:30 AM - 5/6/2021 10:00 AM Central Time (CST) | Virtual

The 40th Annual Membership Meeting of Corporate Central Credit Union will be held virtually at 9:30 a.m. CT on Thursday, May 6, 2021.

Monthly Market Monitor

5/12/2021 3:30 PM - 5/12/2021 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.

Flexible Funding Options to Reduce High-Cost Claims Risk

5/25/2021 1:30 PM - 5/25/2021 2:00 PM Central Time (CST) | Webinar

Depending on your size, makeup, and risk appetite, moving from the traditional fully-insured funding model can significantly reduce one of your largest budget items – employee benefits and healthcare costs. Join InterLutions for this 30-minute webinar to learn more.

2021 Virtual Economic Outlook Conference

10/12/2021 10:00 AM - 10/13/2021 4:00 PM Central Time (CST) | Virtual

Save the dates for the 2021 Virtual Economic Outlook Conference - Tuesday, October 12 and Wednesday, October 13. 

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