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May 2022

    A Note from Chris

    Credit unions are kind of like moms - always caring about the well-being of members and looking for ways to help. This month we will join with families around the world to celebrate the unique role moms play in our society. It is difficult to put into words the immense impact moms have on the growth and development of an individual. Mother’s Day is set aside as the one time of year when we pause to acknowledge how special moms are to us. Celebrating this important role makes sense and certainly feels right. I hope you will take a moment to say thank you to the women in your life who love you in the special way moms do – whether it’s a biological mom, adoptive mom, foster mom, grandmom, aunt, sister, or mentor – whomever you think of when you think of Mother’s Day. Or take a moment to remember the mom who raised you, whose big heart always cared for you, and whom you miss every day. Before the flowers, candy, and big family dinners, give her a big hug and let her know she is very much appreciated for all she does. We certainly appreciate all you moms out there and wish you a very Happy Mother’s Day!

    Also, a quick reminder that Corporate Central will be hosting our Annual Meeting at the Red Lion Hotel Paper Valley/Fox Cities during The Wisconsin Credit Union League’s Annual Convention on Thursday, May 12. All members of Corporate Central are welcome to attend. If you are unable to be there in person, we invite you to watch the meeting via live stream. Instructions for accessing the live stream will be emailed to all members prior to May 12.


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    Chris Felton

    What’s Trending?

    Credit union mergers are on the rise and a lack of succession planning is a primary reason why.

    For far too many credit unions, especially smaller ones, the failure to adopt and implement a succession plan needlessly exposes them to the whims of outside interests and the potential that a merger is their only option when senior leaders leave. An NCUA analysis found that poor management of succession planning was either a primary or secondary reason for nearly one-third of all credit union consolidations. While the pandemic initially slowed the pace, the number of mergers is now, once again, increasing. And the lack of a succession plan is a primary reason why.

    Read the Article

    Technology Solutions

    Where does your credit union fall when it comes to cybersecurity preparedness?

    In December 2021, the NCUA issued Letter to Credits Union 21-CU-15 about NCUA's supervisory efforts to educate federally-insured credit unions on cybersecurity preparedness and how the recent release of the Automated Cybersecurity Evaluation Toolbox (ACET) application may help federally-insured credit unions self-assess their cybersecurity preparedness. The ACET helps a credit union assess readiness against cyber-attacks by weighing a credit union’s own cybersecurity processes and best practices against industry standards and best practices.

    Read the Blog

    Employee Benefit Resources

    Are you still buying employee health insurance the “old” way?

    Is your credit union still purchasing employee health insurance one year at a time with the same broker, same carrier, and same model? As healthcare costs rise and catastrophic claims hit with greater frequency and severity, it may be time to reconsider your employee benefits solution.

    Join InterLutions at The Wisconsin Credit Union League’s Annual Convention. Jesse Kohl, President of InterLutions, is presenting, The Vicious Cycle of Health Insurance Renewals, on Friday, May 13 at 2:45 p.m. CT.

    InterLutions was formed to provide credit unions of all sizes a collaborative employee benefits model. Our solution provides an effective group model that delivers enhanced claims data analytics – a gamechanger that reveals hidden opportunities for reduced costs without compromising care.

    This presentation offers proven case studies about successful group plans for small, medium, and large credit unions. If you’re still struggling with the “old” way of purchasing employee benefits, you will not want to miss this presentation.

    For more information, contact us at (414) 433-0174.

    Financial Services Consulting

    Review your credit union’s liquidity closely.

    The Fed maintained the spotlight in April as market participants listened closely trying to determine the projected pace of tightening for the coming year. Several prominent Fed officials adopted a very hawkish tone in speeches during the month, raising expectations of a historic pace of rate hikes to fight off inflation. By the end of the month, the Fed Fund Futures market had built in the expectation of four consecutive 50-basis point rate hikes followed by several additional 25-basis point increases putting the implied funds rate close to 2.875% by the second quarter of next year.

    In addition to the anticipated rate hikes, the Fed is also planning on “rapidly” reducing the size of its balance sheet. The monthly bond purchases conducted as part of its quantitative easing has grown the Fed’s holdings to almost $9 trillion. They are expected to announce their plan to reduce its size this month with the first sales coming in June. Currently, speculation calls for $95 billion a month in sales, $35 billion in mortgage-backed, and $60 billion in Treasuries.

    Effectively, the Fed plans to shift from the historic liquidity injection into the economy during the past two years to a historic draining of liquidity for at least the next year and a half. If they can successfully navigate those waters without bringing the economy into recession, Fed Chairman Powell will likely be declared the Michael Jordan of Fed Chairmen. The Fed is expressing confidence that the economy will be able to continue pushing forward as they undergo their tightening operation.

    With all this in mind, take a note to review your liquidity closely. For years, the only thoughts we have had on liquidity have been how to put the growing piles of money to work. As the Fed reverses course, make sure you are ready if flows change. If the economy does continue moving forward, you want to make sure you keep the loan machines fueled. Need some help? We are here.

    We are excited to bring back our annual ALM Workshop this month. It will be held in Muskego on May 25 and 26. If you want to refresh your knowledge of Balance Sheet Optimization or immerse yourself in it for the first time, plan on joining us. 

    Join Us at the ALM Workshop

    Did You Know?

    Credit Union Day at the Ballpark registration is open!

    Corporate Central and The Wisconsin Credit Union League are coming together once again to host Credit Union Day at the Ballpark. The event is designed as a fundraising effort to benefit The Wisconsin Credit Union Foundation and The National Credit Union Foundation.

    The Wisconsin Credit Union Foundation is a 501(c)(3) non-profit organization that promotes the wellness of credit unions and the communities they serve. The Foundation's resources are used to promote credit union development, help educate credit union staff and volunteers, support programming to enhance financial literacy, and assist the credit union system in times of need.

    The National Credit Union Foundation is the charitable arm of the U.S. credit union movement. The NCUF works to ignite understanding and focus on member financial well-being, inspire, and create opportunities for credit unions to leverage their cooperative values and respond quickly when disaster strikes. Through cooperative support and action, the Foundation helps people achieve financial freedom.

    The event will be held at American Family Field on Sunday, July 24.

    Register Today

    Credit Unions Connect

    Stories that exemplify the movement

    Helping an invaluable community resource.

    Michigan Tech Employees Federal Credit Union

    Michigan Tech Employees Federal Credit Union made a $2,500 donation to Dial Help. Each quarter, employees choose a charitable organization to raise funds for and the credit union matches the donation. Dial Help’s mission is to promote the physical, emotional, and social well-being of communities through providing problem assistance, crisis intervention, education, and empowerment. The credit union stated, “Thank you to Rebecca Crane and all the other wonderful workers at Dial Help who work so hard to provide this invaluable resource to our community!”

    Building homes for a great community.

    Rock Valley Credit Union

    Rock Valley Credit Union team members laced up their work boots and braved the cold weather to volunteer with the Rockford Area Habitat for Humanity. The team pitched in to help build a home for a deserving family in the community. The credit union commented, “The credit union philosophy of people helping people continues to stay true at RVCU. Our community is a part of what truly makes us great.”

    Read More Credit Union Stories

    What’s New and Who’s Who

    Meet Chrissy Zick, our newest Member Services Representative.

    Chrissy Zick

    Corporate Central is excited to welcome and introduce Chrissy Zick as our newest Member Services Representative. Chrissy is responsible for providing superior member service and assisting members with questions related to products and services. Additionally, she serves as a liaison between members and staff to facilitate proactive relationship development. Chrissy earned her Communication degree from UW-Milwaukee with an emphasis in Interpersonal Communication. She has worked in customer service for over 18 years and has over 9 years of experience in the credit union industry. In her spare time, she enjoys socializing with friends and family, taking care of her home and vegetable garden, and playing sports. She has one dog, Maya, and two cats, Zenni and Tater. Welcome to the team, Chrissy!

    Learn More About Our Team

    Wild Adventures with Leo

    Leo has a roaring time in Las Vegas.

    Leo at Filene in Vegas

    Leo recently ventured out to Las Vegas to attend the Filene Research Institute Spring Meeting and i3 meeting with Mark Volz, CUDE, National Account Manager. Filene’s most deeply engaged and connected communities including the current Filenei3 waves, Think Tank, and Inner Circle all came together for the Spring Meeting. The credit union industry’s most forward-thinking, innovative leaders gathered to exponentially advance connections, change, and growth for their organizations and the industry. They shared stories of their proudest innovations, their biggest opportunities, and the biggest risks they are facing ahead. Where will Leo head next?

Upcoming Events

Examining Recent Bank Failures from a Credit Union’s Perspective

4/6/2023 10:30 AM - 4/6/2023 11:15 AM Central Time (CST) | Webinar

Join Corporate Central for this 45-minute webinar where we will examine the causes of recent bank failures

Monthly Market Monitor

4/12/2023 3:30 PM - 4/12/2023 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Forecasting Your Cash Made Easy with AI-Driven Technology

4/18/2023 10:00 AM - 4/18/2023 10:45 AM Central Time (CST) | Webinar

Join us for this 45-minute webinar where we will discuss logicpath’s forecasting product, C3 Financial, and explain a new integration between logicpath and Beastro that will make your cash ordering process accurate and seamless.

A CUSO’s Healthcare Solution for Small Credit Unions

4/18/2023 1:00 PM - 4/18/2023 1:30 PM Central Time (CST) | Webinar

Join the InterLutions team for a complimentary 30-minute webinar to learn how their customized solutions are helping small credit unions offer affordable and quality employee health plans.

Investments 101: Mortgage-Backed Securities Market

4/20/2023 2:00 PM - 4/20/2023 2:30 PM Central Time (CST) | Webinar

Welcome to QuantyPhi’s Investments 101 series. This monthly webinar series will focus on providing education on investments, with each month devoted to a different investment type. Our series will kick off with an overview of the mortgage-backed securities market.

Monthly Market Monitor

5/10/2023 3:30 PM - 5/10/2023 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Building and Managing a Successful Investment Portfolio

5/17/2023 2:00 PM - 5/17/2023 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for this 30-minute webinar where we will review best practices for establishing and managing a credit union investment portfolio.

Spotlight on Fair Lending: How to Prepare for Increased Regulatory Scrutiny

5/18/2023 2:00 PM - 5/18/2023 2:45 PM Central Time (CST) | Webinar

Join Corporate Central and Ncontracts for this 45-minute webinar where we will update you on the fair lending landscape and cover trending developments.

Monthly Market Monitor

6/14/2023 3:30 PM - 6/14/2023 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Warranty Breaches and “Dealing Direct”

6/28/2023 10:00 AM - 6/28/2023 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute session that will review the basic warranties found in Regulation CC and UCC 3&4 that are made by each party in the collection of a check. We will also cover the steps to take to make and respond to claims to comply with the appropriate regulations.

Altered Checks and Regulation CC Presumption of Alteration

9/26/2023 10:00 AM - 9/26/2023 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.

Economic Outlook Conference 2023

10/12/2023 9:00 AM - 10/12/2023 3:00 PM Central Time (CST) | The Ingleside Hotel

Save the date for Corporate Central's Economic Outlook Conference, October 12, 2023.

Remotely Created Checks

12/12/2023 10:00 AM - 12/12/2023 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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