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September 2022

    A Note from Chris

    Once again, the summer months have flown by so fast. I hope you all had some time to relax, unwind, and enjoy some summer-fun activities with your loved ones. For me, I don’t know if it was the hustle and bustle of summer activities, or if it was all the exciting work happening behind the scenes preparing for the launch of our new secure platform, Beastro, that made the summer go by in a flash. I am extremely delighted that we have now begun our deployment journey and are charting our future together with our members. This is truly the most significant project in Corporate Central’s history and will be, without a doubt, the most rewarding.

    We will continue to guide and prepare members for access and functionality with additional communications and educational opportunities. You can also refer to our website for more information or the Beastro knowledgebase.

    On a different note, registration is open for our annual Economic Outlook Conference. The conference will be held in-person at The Ingleside hotel in Pewaukee, WI on Wednesday, October 12. Attendees will bring back to their credit unions valuable information about the current and upcoming economic environment from a diverse speaker lineup. More information about the speakers and sessions along with registration is available on our website. We look forward to seeing you!

    Chris Felton
    President/CEO

    What's Trending?

    Four steps to successful talent development for directors.
    In 2010, the National Credit Union Administration made explicit that credit union directors must be able to show that they understand their credit union’s financials. Now, the NCUA has a proposal to not only require federal credit unions to have a board-level succession plan, but also to show that their directors understand  those plans. And those are just the regulatory requirements. In practice, boards need to be prepared to envision and oversee their credit union’s response to a host of complex issues from cryptocurrency to diversity, equity, and inclusion to inflation to Gen Z. Creating and executing individual development plans for your board is a great way to help your directors rise to the occasion. But doing so works best as part of an overall talent development culture.

    Read the Article

    Technology Solutions

    Mistakes to avoid in transition to the cloud.
    The COVID-19 pandemic accelerated the credit union industry’s commitment to digital transformation and the adoption of more modern technologies to meet the demands of today’s members and to protect data. As more credit unions transition to cloud infrastructure, they are realizing the benefits, including cost savings, flexibility, scalability, and a shift in workload allowing for more innovation and improved operations. The transition from idea to cloud strategy to cloud implementation; however, can be filled with hurdles, tough decisions, and potential mistakes if leaders fail to approach it with the right mindset and information. Think|Stack is often asked about common mistakes related to cloud strategies and the digital transformation journey. Here are their top five tips on how your team can avoid making them.

    Read the Blog

    Employee Benefit Resources

    Best practice guidelines to help credit unions evaluate employee health plans.
    Have you evaluated your 2023 employee health plan options? Let us help! InterLutions, a CUSO specializing in innovative healthcare models, has developed customized solutions for large and small credit unions to pool their resources together, lower their medical insurance costs, and enhance their employee benefit plans. Register for our free 30-minute webinar on September 20 to learn best practice guidelines that have proven to help credit unions and their employees. It’s never too late to enhance your benefit plans. The webinar will cover:

    • The rising cost of healthcare – what we can do about it
    • Employee Unwellness – cost containment strategies
    • Best practice guidelines for proactively evaluating plan options
       

    Register For the Webinar

    Financial Services Consulting

    Are you keeping up with the multiple rate path possibilities?
    Fed Chairman Powell threw buckets of cold water on the market’s anticipated rate path last Friday. The market was expecting the Fed to remain aggressive in raising rates for the remainder of this year in their fight against inflation. Consensus opinion then had the Fed reversing course early next year pushing funds down a half point by the end of 2023.

    Powell did confirm the first half of the expected rate path as he stated that the Fed will continue to tighten. He went on to say that they will continue the tightening until inflation is under control. He admitted that there could be some economic pain in the fight to bring down inflation. The Fed Chairman also denied any plans to quickly reverse course when they were finished tightening.

    The market’s reaction saw rates rise across the board. The hardest hit was the intermediate sector of the curve, the three-to-seven-year maturities climbing ten basis points in yield. The yield curve remains inverted anticipating the fight against inflation will be won by the end of the year before rates stabilize and eventually pull back. If the market abandons its current rate path projection, the intermediate sector could come under additional pressure given current levels.

    No one should be surprised by the recent developments. The projected rate path priced into the markets represented perfection on the inflation front. A quick defeat then immediate shift to easing by the Fed. If the Fed can navigate this path, Chairman Powell will end up in the Fed Hall of Fame. While we wish him luck and hope for success, the six months of labeling inflation as transitory keeps us from placing bets that there is any hurry to measure Powell for the Hall of Fame jacket.

    One thread found near the end of many analysts’ comments this morning – watch for increased default rates. The likelihood of “economic pain” as collateral damage of the inflation fight should translate to consumers struggling to make loan payments. They specifically pointed to the auto market stating that the government stimulus checks provided many a down payment for a car they couldn’t really afford. Repo activity has been rising.

    We will continue to stay on the watchtower for you. In the meantime, we continue managing for the multiple rate path possibilities. Let us know if you want some help.

    Contact Us

    Did You Know?

    Beastro Knowledgebase
    Beastro is based on an open platform that natively enables integration with the financial services ecosystem. Through enhanced security, business intelligence, and open application program interface (API) architecture, Beastro leverages a single application to enhance the credit union’s experience with their corporate, business partners, and members. The Beastro Knowledgebase is designed to equip users with the skills and knowledge necessary to successfully access the application and navigate through commonly used functions.

    Explore the Knowledgebase

    Credit Unions Connect

    Stories that exemplify the movement

    Supporting local community organizations.

    Co-op Credit Union donated $5,000 to the Boys and Girls Club of the Greater Chippewa Valley – Lunda Center. The credit union stated, “The Boys and Girls Club makes a great impact in our community, and we love to help in any way we can. We are dedicated to supporting local community organizations that make important impacts in our communities. It’s part of our mission as a cooperative!”

    Gratitude for organizations supporting veterans.

    Connexus Credit Union donated $12,500 to the Wausau American Legion Post 10. The credit union said, “For the support, recognition, advocacy, and honor that Wausau American Legion Post 10 provides to veterans, we are humbled and truly grateful to give back to the communities we serve.”

    Read More Credit Union Stories

    What’s New and Who’s Who

    Corporate Central welcomes Bryan Luitze as Senior Software Engineer.
    We are very excited to welcome Bryan to our team as a Senior Software Engineer. In this role, Bryan delivers business process improvements and automation to better assist internal operational needs. He is responsible for designing, developing, and integrating efficient business intelligence and database systems and front-end user interfaces. Welcome, Bryan!

    Read the Press Release 

    Learn More About Our Team

    Wild Adventures with Leo

    Leo spent the month of August seeking opportunities to be a team player.
    On Wednesday, August 24, Leo joined the Corporate Central team participating in the Wisconsin Credit Union League’s Foundational Golf Outing. Leo doesn’t golf, but he cheered on his teammates as they played for a great cause. He also enjoyed socializing with other credit union folks!

    The following week, Leo joined some staff members in the office to help organize mailings to members to prepare them for the Beastro launch in October.

Upcoming Events

Beastro: A Look Behind the Curtain

10/6/2022 10:00 AM - 10/6/2022 11:00 AM Central Time (CST) | Webinar

Join Corporate Central for a 45 minute demonstration to learn about the features and capabilities of Beastro and get your questions answered before Beastro officially launches on October 11.

Economic Outlook Conference 2022

10/12/2022 9:00 AM - 10/12/2022 3:00 PM Central Time (CST) | The Ingleside Hotel

Save the date for Corporate Central's Economic Outlook Conference, October 12, 2022.

There will be no Monthly Market Monitor in October

10/12/2022 3:30 PM | Webinar

In lieu of our normal October Monthly Market Monitor economic update, we invite you to attend the 2022 Economic Outlook Conference.

Remotely Created Checks

10/18/2022 10:00 AM - 10/18/2022 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.

Crystal Ball Challenge Update

10/19/2022 2:00 PM - 10/19/2022 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for our 30-minute webinar to see how our contestants are doing in our Crystal Ball Challenge. This is the third of four quarter-end competitions.

Monthly Market Monitor

11/9/2022 3:30 PM - 11/9/2022 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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