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    May 2020

    A Note From Chris

    I truly hope this finds all of you healthy and safe. While we are all working differently during this pandemic, our business still moves forward, albeit in a different form and function. One of the benefits of our newfound work environment is the opportunity to read more. Recently, I came across this message during one of my daily reads and it really reminded me of the inspiring resiliency and capacity of people…

    ”Over the centuries, humans have conquered so many things through science and innovation. In that same spirit, it’s inspiring today to read about biopharmaceutical companies racing to develop vaccines and treatments. If humans can invent a car that can drive itself, people must have hope and confidence in others. It’s good for all of us to remember—rockets didn’t take us to the moon; the dreamers and the engineers did. The internet didn’t create a globally networked economy; it was the innovators and creators. Since the beginning of time, people have been the ultimate differentiator. Moving forward, people always."

    In the spirit of continuing to move forward while maintaining the health and safety of all our members, we will be live streaming Corporate Central’s 39th Annual Meeting on Thursday, May 7 at 9:30 a.m. CT. Instructions for viewing the live stream will be emailed to all member President/CEOs prior to the meeting. Although live streaming does not provide for our preferred interaction, we do encourage you to tune in and hear about everything your corporate is doing to help your credit union. Please also remember to register your delegate for the annual meeting. Delegate registration forms were emailed out to all member President/CEOs. If you need a new form, please contact Nancy Morgan. Thank you for your commitment and support.

    Thank you,

    Chris's Signature

    Chris Felton

    What’s Trending?

    How credit unions can stay ahead of the curve as contactless payment use rises because of COVID-19.

    Contactless payment use is on the rise. According to Allied Market Research, the mobile payment market size is expected to have a compound annual growth rate of nearly 34% between 2017 and 2023. Current concerns about the COVID-19 virus being shared through cash have many businesses and media outlets urging consumers to increase their use of contactless payment methods. Credit unions should be prepared with a good understanding of these newer forms of payment options so they can stay ahead of the curve.

    Read the Article

    A Tribute to Gail Kearney (May 1, 1960 – April 1, 2020)

    We recently lost a special member of our Corporate Central family.

    Gail Kearney smiling and laughing at her desk

    "I always feel like I'm in my element when I'm working with credit union members. They're like family to me." – Gail Kearney

    Gail started her career at Corporate Central as a Member Service Representative in July 2001. After several years in the member service department, Gail transitioned to the investment department as a Financial Strategist. In 2014, Gail leveraged her credit union experience and knowledge to become Corporate Central’s Director Member Solutions. She was always committed to providing the best possible service to credit unions across the country.

    After a courageous battle with cancer, we lost our kindhearted Gail on April 1, 2020. We all cherished our relationship with her and felt lucky to have spent so much time with her. Gail was our colleague and our friend. Today, May 1, would have been her 60th birthday. Happy heavenly birthday, Gail. We miss you!

    Read Gail's Obituary and Share a Memory

    Technology Solutions

    Emergifi is offering free services to ease transition to remote working environments for credit unions.

    Corporate Central and Emergifi are dedicating resources and offering assistance to credit unions during this challenging time. Expediting technical education and adoption with focus on business process optimization, security, and team collaboration, will be a value add to our members and non-members.

    • Home Office Vulnerability Scans: Emergifi will perform external vulnerability scans of your remote workforce to identify cyber security vulnerabilities and exploits. Results of the assessment will be shared with you, helping your credit union identify and resolve vulnerabilities to strengthen your security footprint in these changing work environments.
    • Work from Home Enablement Assessment: Credit unions benefit from a flexible, nimble workforce. Digital transformation and cloud migration are demonstrating value currently. Emergifi is offering a strategic modern desktop assessment that enables anywhere, anytime, any device work.
    • Virtual CIO: A core offering of Emergifi, virtual CIO (vCIO) provides executive level presence with technical expertise, at a low-cost and on an as needed basis. Given the current crisis, Emergifi is offering vCIO time to credit unions for purposes of assessing existing capabilities in the current context. When innovative opportunities are identified, vCIO may work with the credit union to perform an ROI exercise to be used as part of a technology roadmap.

    No one knows when social distancing restrictions will be lifted, but we do know that lessons learned in these unique circumstances will make for a stronger credit union and member experience. Technology will be a critical piece of the story and we wish to assist your credit union.

    Connect with us to get started on your home office vulnerability scan, work from home enablement assessment, or virtual CIO journey.

    Employee Benefit Resources

    Seven best practices you can implement to proactively manage your insurance process.

    Insurance is rather complex with ambiguous language and hard-to-identify coverage limitations. So, how do you take a proactive approach? Simply leveraging the following procedures can transform your current process. InterLutions recommends implementing the following seven steps:

    1. Start Early. We recommend starting 60 to 120 days before your renewal.
    2. Take Control – You Have Options. By working with a knowledgeable and independent broker that can engage the whole marketplace, you develop multiple options.
    3. Determine the Right Coverages Needed. Having a strategic plan in place to identify these exposures will help customize your coverage to fit your needs.
    4. Benchmarking – Determine the Right Limits and Deductibles. It is important to ask your broker partner for internal peer group comparisons.
    5. Communicate with Underwriters. Meet the underwriter, conduct interviews, share your story.
    6. Provide a Quality Submission. A submission is the request for coverage sent by your broker to the insurance company. The better the information, the better the results.
    7. Negotiate Coverage Options. No two insurance policies are exactly alike, nor are the options offered. Review all your options, not just limits, deductibles, and premiums.

    Your fiduciary duty and obligation to appropriately protect your credit union (and you), require you to be proactive. Utilizing best practices is a good start and working with a professional broker will help you get the best and rightsized coverage for your credit union.

    Read the Article

    Financial Services Consulting

    QuantyPhi is here to help your credit union.

    April proved to be a very busy month for QuantyPhi. Despite a world in quarantine, events and market movement unfolded at a rapid pace. We were able to witness another “once in a lifetime” event as details of the $2 trillion Coronavirus stimulus package were released. Credit unions shifted from the discomfort of excess liquidity with rates inside of ten basis points to a concern about how allowing members to skip loan payments while line of credit draws increased might affect liquidity going forward. Both the equity and bond markets continued to see large volatility on a day-to-day basis. Participants scrambled to figure out how the world and domestic economies will be able to recover from an almost complete shutdown. Adding to the absurd, the crude market offered another “once in a lifetime” event as oil prices went into negative territory as the April contract ended. Yes, you could have been paid to accept free oil – if you had somewhere to store it.

    Inside the chaos, one fact surfaced that has reenergized all of us at QuantyPhi. It was apparent that credit unions that had taken the time to analyze their balance sheet and formulate a plan were well positioned to get through the fog. While not expecting rates to fall as quickly as they did in March, they were still prepared. While the volatility of the markets soared in April, their handle on risk allowed them to quickly identify what worked for them and what they needed to avoid. History tells us that time and effort forecasting interest rates will generally prove to be no better than a coin flip. What we again witnessed is that time spent to understand the strengths and weaknesses of your credit union’s balance sheet, and formulate a plan to manage it, will prove extremely valuable especially in times of chaos.

    Contact QuantyPhi

    Did You Know?

    Corporate Central is building a modern application to provide a better member experience.

    This application will be using the latest technology to ensure it is intuitive, secure, and easy to use. One area we are exploring is the use of mobile phones, as they have become an integral part of modern business applications offering features such as security, authentication, and notifications. We emailed a survey to all member President/CEOs asking to please take a few moments to complete a short survey and help us understand how your credit union utilizes mobile phones in the workplace. If preferred, someone else at the credit union may complete the survey. Any answers or information submitted will be kept confidential.

    Take the Survey

    Credit Unions Connect

    Stories that exemplify the movement

    Royal Credit Union donates $40,000 to community organization.

    Royal Credit Union in Eau Claire, WI made a $40,000 donation to support organizations in their community during the COVID-19 pandemic. The funds were directed to several community foundations and non-profit organizations including:

    • Clark County Community Foundation
    • Community Foundation of Chippewa County
    • Community Foundation of Dunn County
    • Eau Claire Community Foundation
    • Edina Community Foundation
    • Rice Lake Community Health Foundation
    • St. Croix Valley Foundation
    • St. Paul and Minnesota Foundation
    • 360 Communities
    • Together Chippewa Valley 
    • The Open Door - The Mobile Pantry
    • Youth Service Bureau

    Wow! Thank you, Royal!

    Credit union leaders show appreciation for front-line staff.

    Credit union CEOs cheering on their front-line staff

    Leaders at Abri Credit Union in Joliet, IL and Dane County Credit Union in Madison, WI demonstrate their appreciation for their dedicated front-line staff by cheering them on from a safe distance. Thank you to all our front-line workers!

    Read More Credit Union Stories

    Our Community

    Corporate Central staff members are finding safe ways to help our communities during the crisis.

    Brittany Jordan picking up trash on her walk

    Taking walks has become part of the daily routine for many of our staff members. In honor of Earth Day on Wednesday, April 22, staff members wore gloves and took garbage bags with on their walks to clean up trash in their neighborhoods.

    Learn More About Our Community Involvement

    What’s New and Who’s Who

    Corporate Central welcomes Kevin Mackenzie as a Senior Software Engineer.

    Kevin Mackenzie

    We are very excited to welcome Kevin to our team! Kevin delivers business process improvements and automation by managing, analyzing, designing, developing, and integrating efficient business intelligence and database systems. Kevin has over 30 years and a wide breadth of experience across many industries in software design and development (including desktop, web applications, server applications, and embedded software in devices ranging from cable TV converters to a giant semiconductor mask printing machine). For the ten years before he arrived at Corporate Central, he worked in the railroad industry on Positive Train Control, a federal government mandate that required computers onboard locomotives, at trackside, and in the railroad dispatch centers to prevent train accidents. He also worked for several years in a company he founded that delivered business applications to diverse firms such as mortgage companies, property management companies, and construction firms. He founded J.L. McKay Corporation which delivered credit card processing terminals and back-end processing to banks and credit unions large and small. His firm was the first third party processor of American Express credit card transactions. Kevin attended Cal Poly University in Pomona, CA, majoring in Computer Science with a minor in Business Administration. In his spare time, he enjoys flying as he is a licensed pilot with twin engine aircraft and helicopter ratings, he is an avid sailor, and he loves spending time with and training dogs for a sport called “agility.” He also loves spending time with his fiancĂ©, Lisa, and her daughter, Licity.

    Learn More About Our Team

    Wild Adventures with Leo

    Leo has been keeping busy while working from home.

    Leo reading Dare to Lead by Brene Brown The comeback is always greater than the setback. United we stand.

    Leo keeps Corporate Central staff inspired and motivated as everyone continues working from home. Although we are all working from different locations, we are using our technology tools to stay connected and engaged and we are working together to provide the best service we can to our members. Leo reminds us all to keep moving forward and that better days are ahead.

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.

Dare to be Boring! Using the Treasury Curve to Your Advantage

3/17/2021 2:00 PM - 3/17/2021 2:30 PM Central Time (CST) | Webinar

From a total return standpoint, there may be a sweet spot on the treasury curve which offers low premiums and no prepayment risks. Join QuantyPhi and find out where we are finding the value.

An Exclusive and Collaborative Employee Benefits Solution for Credit Unions

3/30/2021 1:30 PM - 3/30/2021 2:00 PM Central Time (CST) | Webinar

InterLutions was formed to provide credit unions with enhanced employee benefits at lower costs. Join us as we dive into into innovative solutions that leverage data, technology, and collaboration to drive down credit union health care costs.


4/7/2021 9:00 AM - 4/8/2021 11:00 AM Central Time (CST) | Virtual

Join credit unions across the Midwest on Wednesday, April 7 and Thursday, April 8 for Ctrl+Alt+Innovate. This event is the shortcut you need to advance with fintechs and power financial growth.

Our Family of CUSOs

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