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October 2021

    A Note from Chris

    In a few short weeks, on the third Thursday of October, we will celebrate International Credit Union Day. The theme this year is “Building financial health for a brighter tomorrow.” A very fitting theme considering credit unions have worked incredibly hard for many years to ensure their members have continued access to safe, secure, and reliable banking services. Even in the most trying of circumstances, your support and commitment to your members and your communities has been unwavering. Regardless of what the future holds, I know one thing is certain. Credit unions will remain a beacon of hope and a trusted resource for their members and communities. Saying “thank you” doesn’t seem like it is enough to express how grateful I am to be part of a movement that is so committed to improving the financial lives of its members no matter what.

    This day allows us to reflect on the tremendous work that credit unions are doing across the globe. It also encourages us to collaborate more with one another and get more engaged. I encourage all of you to reflect on the stories that shape your credit union and share the memories that you have made with your members. Thank you for all that you have done, and all the good you will continue to do in the weeks and months ahead. Your work is celebrated and appreciated on International Credit Union Day and every day.

    A quick reminder as we all start preparing our budgets and strategic planning sessions, that Corporate Central will host our annual Economic Outlook Conference on Tuesday, October 12 and Wednesday, October 13. This virtual event arrives just in time for credit unions’ budget and planning preparations. Attendees will bring back to their credit unions valuable information on the current and upcoming economic environment from this year’s diverse speaker lineup. Visit our website to register.

    Sincerely,

    Chris Felton's signature

    Chris Felton
    President/CEO

    What’s Trending?

    Banking on crypto: Five questions answered on the future of payments.

    The payments landscape has undergone some major restructuring in recent years. Traditional financial institutions facing recent payments disruptions must now brace for imminent impacts from cryptocurrencies. They need to decide whether to go head-to-head or hand-in-hand with these emerging, crypto-enabled technology players. While traditional financial institutions weigh their options and determine if crypto-enabled technologies are friend or foe, new advancements in fintech are already impacting the future of payments – including through mobile wallets and contactless options. To help get ahead of a few queries, consider these five questions and answers for FI professionals to consider regarding cryptocurrencies in banking.

    Read the Article

    Technology Solutions

    Advantages of cloud-based communication systems.

    If your credit union is evaluating your current phone system, consider the advantages of a cloud-based communication system:

    • Unifies communication across your credit union
    • Simplifies multi-location management
    • Flexibility to grow or contract
    • Connects mobile and remote workers
    • Instant access to latest features and updates

    Contact Emergifi sales to learn how credit unions of all sizes are implementing cost-effective cloud communications and collaboration solutions.

    Employee Benefit Resources

    Health insurance renewal time can be stressful – let us help!

    If your credit union provides access to health insurance plans for employees, by now you are familiar with the cumbersome and stressful annual renewal process. Health insurance renewals are a yearly occurrence, during which insurance carriers adjust their rates and offerings, and allow credit unions to select the best plans. Employers that participate in a fully-insured plan will typically receive renewal rates 60 days prior to their effective date of coverage. This short turnaround can make it very difficult for credit unions to make important and long-term strategic decisions about employee benefit plans. If your credit union had a healthy claims year (lower than the carrier expected), you will still typically receive a rate increase. If your credit union had higher-than-expected claims, you will most likely receive a double-digit percentage increase. The unfortunate result is your credit union always pays more while the insurance carrier and broker always win.

    InterLutions is a CUSO working with like-minded credit unions seeking to drive down health insurance costs through data and collaboration. Our strategy brings clarity to the health of our participating members, so credit unions don’t have to rely solely on hope when it comes to annual renewal numbers. Please contact us to see how we can help your credit union get on a better path. Our solutions have proven to help the health and wellness of your employees and your credit union’s bottom line.

    Learn How Credit Unions Are Saving 12%

    Financial Services Consulting

    The world view from QuantyPhi’s perspective.

    September 2021 started with the standard tsunami of news that was supposed to affect money markets. The news was delivered, and yields, as measured by the US Treasury curve, remain in nearly the same spot as of this writing as they were at the beginning of the month.

    While the world was consumed with news from Afghanistan, markets were also focused on the opaque workings of Chinese real estate. It appears the leader in the residential real estate development in China is on the verge of significant credit event (we refer to these as defaults) which is anticipated to have an unknown worldwide impact. The tentacles of this credit fueled debacle are unknown yet but are estimated to cross many industries in many countries. The perils of stretching investment risks beyond the known is a lesson that must be learned every few years.

    To avoid re-learning one of capitalism’s oldest lessons, take another look at your portfolio and see how creating a benchmark might fit. Using multiple scenario analysis to measure outcomes over those scenarios for not just the portfolio, but the entire organization is more important than ever. The ability to understand the impact of unpredicted movements in rates may very well help you survive those events. Like the rooster taking credit for the sunrise, many in the markets are taking a victory lap as rates drop and easy money is made. We want you to be available to make it through if the market tone changes as well as when the wind is at your back.

    In other news, QuantyPhi’s favorite resident of New Orleans grew another year older and survived another category 4 storm. Congratulations are in order on both fronts. We are also very pleased to introduce to you our newest Financial Strategist, Grant Peyron. Give us a call at (414) 433-0176 to say hello or to see how we can help your credit union.

    Did You Know?

    The Tristate Mentorship Program is in full swing.

    Corporate Central is a proud sponsor of the Tristate Mentorship Match program, and we are excited to announce that Mark Volz has been selected to participate in the 12-month program as a mentor. The program is designed to build, grow, support, and inspire credit union professionals in their careers and commitment to the Credit Union Movement. It envisions relationships based upon commitment, common goals and expectations, and mutual trust and respect, in which both the mentee and mentor grow in the process. The program is a partnership between The Wisconsin Credit Union League, The Minnesota Credit Union Network, and Montana’s Credit Unions to bring collective members a rich and diverse opportunity to network and grow. The program includes guidance, check-ins, and other resources to help maximize participation in the program.

    Learn More

    Credit Unions Connect

    Stories that exemplify the movement

    Supporting students in the community.

    Ohio Catholic Federal Credit Union with check for St Vincent St Mary High School

    Ohio Catholic Federal Credit Union presented a grant for $2,500 to St. Vincent-St. Mary High School. The grant will be used to help support the after school tutoring program. The credit union stated, “This program will surely have a very positive impact on these students, and we are thrilled to support such a great cause!”

    Building better lives.

    Affinity Credit Union with check for ELLIPSIS

    Affinity Credit Union presented a $20,000 donation to Youth Emergency Services & Shelter (YESS), now known as Ellipsis. The funds were raised during Affinity’s 27th annual charity golf outing. The donation will be used to provide resources and support to troubled youth and their families. The credit union thanked the golf outing sponsors and stated, “#BuildingBetterLives is not just a slogan, it's our passion... it's what we do.”

    Read More Credit Union Stories

    What’s New and Who’s Who

    Corporate Central and QuantyPhi expand investments team and welcome Grant Peyron as Financial Strategist.

    Corporate Central and QuantyPhi are proud to announce, and welcome Grant Peyron as an additional Financial Strategist. Grant’s primary role is to proactively advise credit unions on methods to productively manage their financial services and product portfolios. He also develops new business, builds rapport, and provides fiduciary expertise to credit union decision-makers.

    Grant Peyron

    Grant Peyron, Financial Strategist. Read his full biography.

    Grant has 32 years of experience in the futures/commodity industry. He began his career with Kemper Clearing in 1989 facilitating interest rate futures order execution at the CME. He then spent 28 years with Rosenthal Collins Group as their CME Trading Operations Manager. Most recently, he ran the 24-hour Electronic Execution Service desk with Marex Spectron. Grant studied Economics at UW-Parkside and went on to earn his Series 3 Futures License.

    In his free time, Grant enjoys spending time with family and friends, boating in Door County, and traveling to his daughter’s track meetings. He also enjoys listening to podcasts of his favorite financial gurus. Welcome to the team, Grant!

    Learn More About Our Team

Upcoming Events

Monthly Market Monitor

11/10/2021 3:30 PM - 11/10/2021 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.

Monthly Market Monitor

12/8/2021 3:30 PM - 12/8/2021 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.

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