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    October 2020

    A Note From Chris

    October is a very special month for credit unions. It is the month in which we celebrate International Credit Union Day (ICU Day). A day to celebrate the spirit of the global credit union movement. A day to reflect upon the movement’s history, promote achievements, recognize hard work, and share member experiences. This year’s theme is “Inspiring hope for a global community.” Although this year has presented many challenges, your credit unions have continued to provide a high level of service and have demonstrated a generosity to your local communities that sets you apart from other financial institutions. I encourage each of you to reflect on the stories that shape your credit union and share the memories that you have made with your members. I certainly find the stories of how credit unions impact the lives of members to be inspirational and key examples of our “difference.”

    We look forward to celebrating this important day with you and we want to remind you that we are here to support you. We have listened to you and we have worked hard to find and build solutions specifically with your credit unions in mind. We have built three CUSOs focused on the health of credit unions. Whether it is employee benefit solutions, balance sheet management solutions, technology service solutions, or another need, we have the experienced resources in place you can trust to assist you. In true credit union collaborative spirit, the future of these CUSOs is dependent on your success. Rely on us and we will grow and prosper together.

    Chris Felton's signature

    Chris Felton

    We Celebrate You

    What’s Trending?

    Square sees COVID-19 leading to a significant and stabilizing increase in cashless transactions.

    Using 2019 as a baseline indicator, the payment-processing company, Square, estimates the decline in the use of cash, as a result of the COVID-19 pandemic, would have taken three years without a public health crisis. In February, before COVID-19 was declared a pandemic, 5.4% of Square sellers were cashless. That percentage increased to 23.2% by April, before declining and showing signs of stabilizing at 13.4% by August.

    Read the Article

    Technology Solutions

    Your credit union can modernize and migrate at your own pace.

    Modern management for credit unions does not need to be cloud-only. Emergifi is utilizing the cloud intelligence that comes from organizations like our partners at Microsoft, to automate tasks, prioritize your efforts, connect the IT and security teams, and continually improve the user experience. Emergifi believes the end destination many credit unions may arrive at over time will be a cloud-only management solution with Intune and Microsoft 365 at the center. We want to enable you to take advantage of cloud capabilities incrementally at your own pace, without expediting replacement of infrastructure as your credit union may not be ready for a full cloud migration. This hybrid approach enables your cloud value, along with your on-premise deployments, setting you on the path to a full modern cloud transformation. For more information please contact us.

    Employee Benefit and Insurance Resources

    Why are telemedicine and telehealth all the buzz during the COVID-19 pandemic?

    Telemedicine refers to the delivery of health services such as doctor visits via communication networks and is the practice of medicine using technology. This might include an initial consultation with a physician who could then provide a prescription or schedule an in-person visit if needed.

    Telehealth is a broader term associated with the healthcare industry. Telehealth represents the actual connection of patients with doctors, doctors to doctors, and medical devices to doctors, via electronic telecommunications to provide care and services at-a-distance. Telehealth also includes nonclinical services such as provider training, administrative meetings and continuing medical education, as well as a data aspect, involving the collection and storing of data analytics.

    Telemedicine and telehealth have increased dramatically during the COVID-19 pandemic. According to McKinsey and Co., 46% of U.S. consumers as of an April 27 survey, were using telehealth to replace canceled healthcare visits. That is up from 11% in 2019. This explosion in telehealth adoption could mean up to $250 billion of current U.S. healthcare spending stemming from virtual healthcare. Most patients and doctors who have used telehealth really like it, meaning they may be more likely to broadly adopt it after the pandemic is over.

    Importantly, telehealth data analytics are now disclosing trends that have further boosted interest in digital health, such as demographic disparities, population growth, inefficient health care systems, expanding mental health services, and ways to improve connectivity. Telehealth is also generating savings and efficiency over traditional doctor visits, allowing insurance and telecommunications companies to benefit and, hopefully, better control future cost increases.

    I-Care, the credit union employee benefits program created by InterLutions, is a supporter of advancing the use of telemedicine and telehealth by providing the innovative HealthJoy app to its insured participants. To learn more about I-Care, HealthJoy, and telehealth, read this article we recently shared on LinkedIn.

    Financial Services Consulting

    September proved to be another month that produced more questions than answers for the market.

    At QuantyPhi, we saw credit unions actively looking to put excess liquidity to work. The stimulus deposit surge has remained sticky, leaving portfolio managers wrestling with the low rate environment along with the uncertainty of how long the money will stay around. Throw on top of that another round of stimulus looming on the horizon, a presidential election just around the corner, and equity markets dancing around all-time highs. It is no wonder anti-acid sales have been rising.

    Adam Stone, a QuantyPhi analyst and ALM aficionado, continued to host one-on-one webinars to help members attack the situation from an ALM standpoint. On the investment front, Danny McIntyre spoke during our monthly webinar cautioning credit unions to be aware of the risks while reaching for yield. He pointed out that with higher yield comes a tradeoff. It is important to understand what that added risk is to decide whether to reach or avoid.

    Several developments took place in the mortgage markets that could play significant roles going forward. Freddie and Fannie Mae announced they are implementing a refinancing fee beginning in December for mortgages over $150,000. This could have a dampening effect on refinanced loans by requiring larger savings to justify the expense of refinancing. There was also news that some of the large banks have been taking advantage of a loophole in the COVID-19 relief package from Congress that allows them to purchase mortgages out of the pools they service at below market rates. This might be good news for stockholders of those banks but comes at the expense of investors, many of those being credit unions.

    Do you have questions about deploying surge deposits? What effect the next stimulus payments may have on the markets? How to dig beyond the surface and discover the risk/reward formula for investment options? Give us a call at (414) 433-0176. We are here to help.

    Did You Know?

    Microsoft consolidated management solutions under one common brand name.

    One of the major announcements made at the recent Microsoft Ignite conference, was the consolidation of all Microsoft management solutions under one common brand name: Microsoft Endpoint Manager. Microsoft Endpoint Manager is a single management solution to manage and empower your employees across all their devices. ConfigMgr, Intune, Desktop Analytics, Co-Management, and Device Management Admin Console are now under one umbrella.

    Emergifi can help credit unions utilize Microsoft Endpoint Manager to gain endpoint security, device management, and intelligent cloud actions in a unified management platform with Microsoft Intune and Configuration Manager made available in the Microsoft 365 Business Professional subscription. For more information please contact us.

    Credit Unions Connect

    Stories that exemplify the movement

    Thirty ways to make a major impact in thirty days.

    Landmark Credit Union 30 Days of Donations Post

    Landmark Credit Union in Wisconsin launched a charitable campaign to donate to thirty different organizations within the thirty days of the month of September. Teams at each branch identified organizations in the neighborhoods they serve for these donations. To learn more about the campaign and the receiving organizations, search the hashtag #30DaysofDonations on Twitter, Facebook, and LinkedIn.

    In a world where you can be anything, be kind.

    Fort Community Credit Union 80 Acts of Kindness Post

    Fort Community Credit Union celebrated its 80th anniversary with 80 acts of kindness. Team members chose their own unique ways to commit these acts of kindness. Some chose to randomly surprise community members by paying for their fuel, some made donations to local food pantries, and others chose to support local educators with treats and snacks. For more information about this campaign, search the hashtag #80ActsOfKindness on Facebook and Instagram.

    Read More Credit Union Stories

    Our Community

    Corporate Central is always searching for ways to give back.

    Riverwest Food Pantry Instagram tile

    Since we have not been able to get out and about in our community, we decided to host a virtual food drive to benefit the Riverwest Food Pantry. Each year, Riverwest Food Pantry serves around 13,000 shoppers in the Milwaukee area. The platform YouGiveGoods made shopping, shipping, and handling of our donated items super easy and all items were sent directly to the food pantry.

    Learn More About Our Community

    What’s New and Who’s Who

    Carolyn Vraney has joined the Corporate Central team as a Member Services Representative.

    Carolyn Vraney

    We are very excited to introduce Carolyn as our newest Member Services Representative! Carolyn is willing and ready to help members however she can and with a smile on her face. Her energy and spirit are a fantastic match for our team. Carolyn earned her associate degree in Accounting from MATC in Milwaukee, WI and she has five years of experience working in the banking industry. Outside of work, she enjoys biking, watching sports, Broadway shows, and being home with her dog. Welcome, Carolyn!

    Read the Press Release

    Learn More About Our Team

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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