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    September 2020

    A Note from Chris

    September is here, and school is starting in a variety of different formats creating new and challenging experiences for many. My best goes out to all the families that are navigating these new environments. Corporate Central also recognizes the challenges facing credit unions right now and we want to remind you that we are here to support you in any way we can. We are at the beginning of a new chapter season, which is looking quite different, but we are excited to participate and help your chapters during your virtual planning. This time of year also means preparing your budgets and scheduling strategic planning sessions. To assist you with your planning efforts, we invite you to attend our annual Economic Outlook Conference on October 13 and October 14. The conference will be held online, and we have waived the fee to participate. More information about the speakers and sessions along with registration is available on our website.

    There are still so many unknowns, like how will we get through fall without "chapter chicken!?" But in all seriousness, I believe strongly in the goodness of the people in our credit union community, and I believe that the best in people will come out during the worst times. After all, we are people helping people! It is something we believe in, something we live, every day. We will come out of this stronger and more resilient. Stay strong and stay healthy.

    Chris Felton's signature

    Chris Felton

    What’s Trending?

    Cybersecurity challenges must be addressed while many employees continue working remotely.

    Back in early Spring, ensuring users could access the necessary applications securely from home was a top priority. Now, months later, working from home looks like it is here to stay – at least for a while.

    Here is your to-do list.

    Technology Solutions

    Emergifi’s cybersecurity expertise receives recognition.

    Thanks to their continued commitment to credit union cybersecurity, Emergifi is proud to announce achievement of gold partner status from Sophos. Credit unions today face unique challenges from distributed workforces and strict regulatory requirements, to an ever growing outside security threat from cyber criminals. There has never been a more critical time to proactively ensure sensitive data protection, and Emergifi’s recognition from Sophos, one of the world’s leading cybersecurity providers, boasts confidence for credit unions in Emergifi’s expertise.

    Where is your credit union vulnerable? Emergifi can provide a 360-degree analysis of your credit union’s security. Whether assessing cyber vulnerabilities in-branch and at-home, or safeguarding against sensitive data loss with mobile device management as well as email security procedures, Emergifi can help you identify areas of risk and partner with you on the tactical execution to improve your security posture.

    For more information about Emergifi’s security services, please contact us.

    Employee Benefit and Insurance Resources

    Will your healthcare costs be higher or lower for the upcoming 2021 plan year?

    InterLutions is celebrating its one-year anniversary of launching its flagship I-Care Association Health Plan (AHP). Credit unions, who joined the collaborative healthcare benefits program, experienced an average of 12% cost savings year-over-year, and were elated to learn that there will be no price increases for the coming 2021 plan year. That is big news in the world of health insurance where its more common to experience 5% to 12% annual price increases.

    Working with business partners, I-Care was able to demonstrate that credit union employees perform 23% better than all other industries, on a per employee per year (PEPY) claims basis. That data, coupled with the collective purchasing power of many credit unions, allowed I-Care to construct the Association Health Plan with all the added reporting and support functions that are typically only afforded to the largest of companies. Members using the AHP healthcare benefits service have shared that I-Care is a “game changer” when it comes to employee retention, while further controlling the credit union’s balance sheet expenses in a much more predictable manner.

    We know that credit unions will soon be reviewing next year’s goals and preparing their 2021 budgets, with employee benefits and salaries comprising upwards of one-third of bottom-line expenses. Why not allow InterLutions and our I-Care employee benefit solutions help your credit union achieve your financial goals while improving the lives of your employees. Interested credit unions can visit us at InterLutionsCUSO.com or call (414) 433-0174 for more information.

    Financial Services Consulting

    How is your credit union handling the deposit surge?

    The summer doldrums, normally a staple in the financial markets, failed to make an appearance in August. Things did not slow down at QuantyPhi as credit unions remained flush with cash. The federal stimulus checks have proven stickier than expected and loan demand, although improving, remains below its rapid pre-COVID-19 pace.

    Our latest monthly QuantyPhi webinar was hosted by Dace Bregantini who spoke about the difference between “yield” and actual return. The deposit surge and enlarged cash positions combined with the low interest rate environment can be a dangerous combination. Many portfolio managers feel forced to reach out for yield wherever they can find it. Too often the results translate to “high yield” investments that stand a poor chance of producing the income as Dace pointed out. Sometimes the greater issue is the risk that comes along with the higher yield that may not be appropriate for your credit unions balance sheet.

    Adam Stone, one of QuantyPhi’s Vice Presidents, held several dozen calls with members this past month to discuss the deposit surge from an ALM prospective. Understanding risk along with income can help you make better decisions. If you would like help making effective strategic decisions quickly and confidently, your first decision should be to call QuantyPhi. We are here to help. Call us today at (414) 433-0176.

    Did You Know?

    The pandemic has changed how criminals hide their cash.

    When economies across the world shut down earlier this year, it was not just business owners and consumers who had to adapt. Criminals had to suddenly figure out how to move their money. Profits from organized crime are typically passed through legitimate businesses, often exchanging hands several times, and crossing borders, until there is no clear trail back to its source—a process known as money laundering. With many businesses closed, or seeing smaller revenue streams than usual, hiding money in plain sight by mimicking everyday financial activity became more difficult.

    Read the Article

    Credit Unions Connect
    Stories that exemplify the movement

    Altra Federal Credit Union pools resources to help their community in need.

    Altra Federal Credit Union with large check for Great Rivers United Way

    Current staff, retirees, and members of Altra Federal Credit Union in Onalaska, WI, banded together and donated $63,872.75 to help their community during this time of need. The generous donation was made to the Great Rivers United Way. Great Rivers United way seeks to ensure that every dollar that is invested addresses community needs and delivers measurable, lasting results.

    Haxtun Community Federal Credit Union leads “Rise Up” effort to help local businesses.

    RISE written on windows with Haxtun Community Federal Credit Union staff on ramp in front

    The team at Haxtun Community Federal Credit Union in Haxtun, CO came up with a unique virtual challenge to spark fundraising, along with health and wellness, to help their community. Drawn from credit union employee Stephanie Harms’ experience as a mountain climber and fitness trainer, the “Rise Up Challenge” was created. The challenge was a multi-pronged event designed to engage the community, raise money to help impacted local businesses, and encourage physical activity. All proceeds were used to purchase gift cards from businesses impacted by the COVID-19 shutdown and then used as prizes in the Rise Up 14er Challenge. The challenge raised $1,041 and the Mountain West Credit Union Foundation matched that amount, bringing the total to $2,082. Another $391 of other local donations brought the grand total to almost $2,500, all funneled back into local business.

    Read More Credit Union Stories

    What’s New and Who’s Who

    Stephanie Schmidt has been promoted to Assistant Vice President Member Services.

    Stephanie Schmidt

    We are excited to share that Stephanie Schmidt has been promoted to Assistant Vice President Member Services! Stephanie now directs and provides operational support of Corporate Central’s products and services to facilitate excellent member service. She oversees and ensures alignment of department processes and procedures with relevant regulations and industry best practices, while managing, mentoring, and developing Member Services staff. Stephanie has proven herself to be a true leader time and time again and she has grown and excelled in her many positions at Corporate Central. Well deserved, Stephanie. Congratulations!

    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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