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June 2022

    A Note from Chris

    I can’t even describe how wonderful it felt to be part of The Wisconsin Credit Union League's Annual Convention, and to have partnered with The League once again in holding our Annual Meetings together – AND IN PERSON! What a fantastic turnout of passionate credit union professionals. I am very grateful for the chance I had to reconnect with our members and friends, both old and new. I left the convention feeling invigorated that our movement is thriving and stronger than ever. Corporate Central wholeheartedly thanks our members, our volunteers, and The League for working with us to continually find ways to improve people’s lives.

    It's hard to believe we have already passed Memorial Day – the “unofficial start of summer.” I hope you were able to find a way to honor and appreciate those who gave everything for our country and our freedom and who deserve our greatest respect. Looking forward, I hope you enjoy a safe and fun-filled summer season with backyard barbecues, ball games, bike rides, and all the other things you enjoy in life with family and friends.

    Sincerely,

    Chris Felton's signature

    Chris Felton
    President/CEO

    What’s Trending?

    Marketing the future: old school marketing or timeless tips?

    Traditional marketing is based on years of research and knowledge, and the application of tried and tested methods. However, it is typically associated with casting a wide net – a scattered approach that attempts to engage with an audience but without targeted messaging.

    Marketing trends evolve as the years go by, and businesses have been moving away from old-school techniques to find new ways to improve the ROI of their marketing efforts.

    But rather than dismissing traditional marketing as out of touch, refreshing these approaches and bringing them into 2022 with the tools and technology now available to us, enables us to improve the way we reach our target market.

    So, how can credit unions use the wisdom and knowledge of classic old school marketing, and modernize it for the digital age?

    Read the Article

    Technology Solutions

    Why the cloud matters.

    Credit unions, like other financial institutions and businesses across all industries, are rapidly responding to the increased volatility from the pandemic to cyber threats that are impacting the way credit unions operate and changing the demands of members. In a fast-moving world, members are seeking businesses that can be agile and innovative to provide secure, digital experiences. As a highly regulated industry, credit unions are held to a high standard amid complex challenges.

    Read the Blog

    Employee Benefit Resources

    The time to shop for employee benefits is now.

    Let’s face it, our healthcare system is broken. The purchasing process is rigged for the insurance carriers to profit (handsomely) while credit unions and their employees continue to pay more. The 12-month cycle of evaluating and renewing medical insurance is vicious for HR and the executive leadership team.

    Employee benefits aren’t a sprint, they’re a marathon. Don’t be the last one to the finish line. Plan ahead and get your renewals on track. Now is the time to look at all your options. In our next webinar, InterLutions will dive into a newly written white paper titled, “The C-Suite's Guide to Enhancing Employee Benefits and Reducing Costs.”

    Join us on Tuesday, June 28 at 1:00 p.m. CT, where we’ll unpack:

    • The rising cost of healthcare
    • Employee unwellness
    • Data you can actually use
    • Efficient funding options
    • Our recommendation for credit unions

    To change the course of our employee benefits and medical insurance spending, credit unions need to do something different and better. The power of collaboration among credit unions continues to be a core reason for our success as a movement. A collaborative healthcare model is our best strategy to combat the rising costs of medical insurance and employee benefits.

    Register for the Webinar

    Financial Services Consulting

    Understand the consequences of being wrong.

    The Federal Reserve raised their fed funds target 50 basis points in May, their second rate hike of the year. The Fed also outlined plans to shrink the size of their swollen balance sheet. They will initiate a program to sell $95 billion a month in securities, $60 billion in Treasury holdings, $35 billion in mortgage-backed securities. Fed Chairman Powell foretold of additional rate hikes coming with the mission to bring inflation back to the Fed’s 2.0% target. He expressed full confidence that the tightening would be able to curb inflation and the economy would be able to weather the storm.

    Market reaction was initially positive largely because there was no talk of 75 basis point rate hikes on the horizon. The treasury market remained volatile. Yields jumped higher when Powell began to hedge his bet on a soft landing for the economy stating there might be some pain. Economic releases for the month helped maintain the volatility. Data for the month reflected a strong economy with non-farm payroll climbing 428k, well above expectations, while consumers continued to spend. Durable goods climbed 1.1%, factory orders 2.2%, retail sales advanced 0.9%, personal spending rose 0.9% for the month while personal consumption rose 3.1% for the quarter. There were some economic releases that came, especially on the housing front. Higher mortgage rates have dramatically slowed refinancing activity. Mortgage applications dropped 11.0%. Housing starts fell 0.2% and building permits were down 3.2%. Existing home sales slipped 2.4% while new home sales were reported down 16.6% for the month. Sprinkled into the mix in May was the release of the Consumer Price Index up 8.3% year-over-year and the Producer Price Index rising at a faster pace, 11.0%. Throw in the release of first quarter GDP at -1.5% and one can understand the market’s elevated volatility.

    So, where do we go from here? The Fed is expected to continue pushing the funds rate higher with 50 basis point hikes at their next two meetings. A 2.75% fed funds rate is projected in the next year. Treasury yields are dancing in that area out to the ten-year sector right now which would indicate a very flat yield curve, not a favorable outcome for margins. The shape is likely to shift depending on the economy’s ability to keep pushing ahead while the Fed undergoes its plans for quantitative tightening.

    The one thing that remains constant in this volatile environment is the importance of solid balance sheet management. It is fine to steer into the rate scenario you believe will play out but now, more than ever, it is critical to prepare for all scenarios. Understand the consequences of being wrong. We also suggest reviewing your liquidity policy and plans. After the massive liquidity flood we have experienced the past two years, the Fed is planning to turn the table in a historic manner. We haven’t had to be concerned about funding the loan machine in a long time. Plan now to make sure you’re ready if you need it. Need help? Give us a call.

    Contact Us

    Did You Know?

    The war on talent is here to stay.

    There is no magic formula for competing for talent, but credit unions have an advantage and can leverage their collaborative culture to attract employees looking to have a greater role in the community and the opportunity to be part of an industry that is becoming more agile and innovative.

    Read More

    Credit Unions Connect

    Stories that exemplify the movement

    Credit unions participate in Women’s Build Week.

    Advia and Honor Credit Unions

    Advia Credit Union and Honor Credit Union staff volunteered for Battle Creek Area Habitat for Humanity’s Women’s Build Week. The event encourages women in the community to volunteer to help build a home for a deserving community member. Habitat for Humanity stated, “Our goal with Women Build is to empower women to help families build strength, stability and independence.”

    Appreciating the greater good that small businesses bring to the community.

    City & County Credit Union holding check in pink shirts

    City & County Credit Union announced a contest, Making the Greater Good, and asked their members to nominate local small businesses that help the community. After tallying the votes, the credit union awarded $2,500 to Accountable Coaches Network, an organization that aims to help individuals find financial freedom through coaching, resources, programs, and events. The credit union said, “Thank you to everyone who voted and supported our Making the Greater Good contest! Accountable plans to use the winning check to create scholarships for those ready for financial coaching and willing to do the work, but who need financial assistance to move forward.”

    Read More Credit Union Stories

    Our Community

    Addie’s Angels on Earth donation drive – how you can help.

    Addie's Angels on Earth logo

    Every June, Addie’s Angels on Earth holds a donation drive in remembrance of Addison Marie Cate. Addie’s Angels on Earth donates supplies to local hospitals and facilities dealing with infant loss. These supplies are used to provide infant loss boxes and other remembrance items to grieving families who are leaving the hospital with their babies in their hearts, instead of in their arms.

    This year will be the fifth annual Addie’s Angels on Earth Donation drive. Nothing can stop the heartache of losing a baby, but we can try to ease their pain and suffering and remind them they are not alone.

    Learn How You Can Help

    What’s New and Who’s Who

    Brittany Poe has joined our team as Risk & Compliance Coordinator.

    Brittany Poe

    We are very excited to introduce Brittany Poe as our Risk & Compliance Coordinator. Brittany is responsible for coordinating risk management and compliance activities across Corporate Central's staff, departments, members, and future members. She also serves as a resource for staff and members’ inquiries regarding organizational risk and compliance. Brittany’s passion for credit unions comes from her previous experience at a local credit union where she oversaw debit/credit card portfolios and vendor management, while also assisting with the human resources and member services departments. She earned a bachelor’s degree in Liberal Studies from the University of Illinois Springfield and a master’s degree in Business Administration from Louisiana State University in Shreveport, LA. Brittany enjoys spending time with her two children and getting together with family. She also enjoys spending time outdoors, gardening, landscaping, camping, or going on float trips. She has a love of music, discovering new artists, and catching live bands. Welcome, Brittany!

    Shannon Cate has earned her National Check Professional Accreditation.

    Shannon Cate

    We are very proud to announce that Shannon Cate, Member Services Specialist, passed the National Check Professional (NCP) exam. This is a huge accomplishment that took a lot of hard work and dedication. We are very proud of Shannon and congratulate her on being the first ever NCP at Corporate Central!

    According to The Clearing House, “The NCP Certification Program is intended, in part, to recognize an elevated level of payments acumen among payment professionals. Through the certification process, NCPs will demonstrate a working knowledge of every significant aspect of the check payment system including products and operations, relevant rules and laws that govern checks, industry standards, and fraud and risk mitigation considerations.”

    Sandy Garcia-Alvarez has earned her ACH certificate.

    Sandy Garcia-Alvarez

    We are also very proud to announce that Sandy Garcia-Alvarez has earned her ACH Certificate! The ACH Certificate is a program developed by MACHA designed to enhance understanding of core concepts related to the ACH payment system. The program consists of 10 on-demand webinars with related quizzes and a final examination. Well done, Sandy!

    Learn More About Our Team

    Wild Adventures with Leo

    Leo is livin’ his best credit union life.

    Leo's wild adventures

    Once again, Leo had a very busy month tagging along with Mark Volz on all kinds of adventures. They began the month attending the Illinois Credit Union Connect conference just outside of Chicago, IL. The following week, they enjoyed playing some golf during the WCULAF Golf Scramble as part of the Wisconsin Credit Union League’s Annual Convention in Appleton, WI and then immediately traveled to Riverside, IA for the Iowa CUES Council Annual Meeting. They ended the month by attending QuantyPhi’s two-day ALM Workshop at the home office in Muskego, WI where they gained new insights into ALM best practices, loan portfolio analytics, and portfolio management. Where will Leo and Mark head next?

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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