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2015 News Archives

1/4/2016 -- Corporate One Federal Credit Union announced today it has added ClickSWITCH™ to its MAX (Member Acquisition Experience) product line, which features an innovative suite of digital onboarding solutions. ClickSWITCH is an automated account-switching platform that helps members fully engage with financial institutions during the account opening process through an online portal or within the branch by conveniently and securely switching existing automated debits and credits for the new member to the new credit union account.

12/28/2015 -- In October 2015, I wrote on the potential impact of November’s Issue 3 ballot initiative in Ohio. Issue 3 failed in November. Ohio voters did not support both recreational and medical marijuana sales and use. However, the marijuana issue is not dead in Ohio.

12/21/2015 -- Now that NACHA’s Same Day ACH rules have passed, and the Federal Reserve has announced its support for NACHA’s Same Day ACH rules, rumors are flying about who does and doesn’t have to comply with Same Day ACH. If you’re wondering whether or not Same Day ACH will affect you, the short answer is yes.

12/14/2015 -- During our Member Connect Summits, which took place October 20-22, we highlighted the Financial Accounting Standards Board (FASB) project to overhaul the guidance for credit losses using the current expected credit loss (CECL) model.

12/11/2015 -- Corporate One’s October 2015 unaudited monthly financials are now available. View the October Unaudited Financials.

12/3/2015 -- It’s no secret we are in the digital age. Whether it is via a smartphone, tablet or computer, your members are plugged in and online. This means if you’re looking to grow your membership, you’ll want to provide answers that meet their expectations and deliver digital financial solutions that make it easy for them to do business with you.

11/30/2015 -- Making the switch from portfolio-based historical loss models to forward-looking, loan-level analytics and reporting is on the horizon due to changes in the calculation of ALLL by the Financial Accounting Standards Board (FASB) and the National Credit Union Administration (NCUA)

11/24/2015 -- In late August 2015, the Federal Bureau of Investigation (FBI) reported that more than 7,000 U.S. companies were defrauded out of almost $750 million between October 2013 and August 2015 through an increasingly prevalent and sophisticated scam known as business email compromise or BEC.

11/17/2015 -- As the corporate trainer for our members, I have analyzed Bank Secrecy Act (BSA), anti-money laundering (AML), and Office of Foreign Assets Control (OFAC) compliance trainings across the industry. I’ve looked at content, prices and presenters – basically every facet of this compliance-training realm. Based on my research, I must say that the value of our annual BSA training jumped to a whole new level this year.

11/10/2015 -- Are you keeping up with the onslaught of articles and industry studies revealing increasing levels of digital engagement from consumers?

 

11/10/2015 -- Corporate One’s Third Quarter 2015 unaudited financials and September 5310 report are now available. View the Third Quarter Unaudited Financials and September 5310 report.

11/5/2015 -- I am truly excited to announce we have partnered with Gro Solutions, a leading provider of digital growth solutions for banks and credit unions, to offer a digital account opening solution. This solution is the only complete account origination solution on the market that offers desktop, mobile web and native app versions for financial institutions’ customers and employees.

10/29/2015 -- Understanding one of our primary functions as your corporate is as a liquidity partner, Corporate One works diligently to offer our members a comprehensive suite of funding solutions. We are pleased that our newest solution, being offered through LoanStreet, allows for easy entry into the loan participation market, which can be an effective method for funding assets, as well as growing and diversifying your credit union’s loan portfolio.

10/22/2015 -- As credit unions leverage the convergence of digital banking and payment functionality to increase and retain membership, the next phase of the digital journey must be taken into account: the onboarding experience.

10/21/2015 -- Corporate One’s August 2015 unaudited monthly financials are now available. View the August Unaudited Financials.

10/15/2015 -- You spoke. We listened…and we have been hard at work strengthening your corporate in the ways that are most meaningful to you.

9/21/2015 -- As I discussed in Solutions last month, I’m excited to let you know about some changes we’re making at Corporate One. These changes give you more options and increased flexibility when it comes to managing your cash. I mentioned I’d have details for you in the future, and, as promised here they are.

9/16/2015 -- As I review an onslaught of articles and industry studies each day concerning the increasing levels of digital engagement from consumers, I contemplate how credit unions of all sizes are navigating through the dynamic rate of change mobile and digital platforms have introduced within the credit union’s operating environment.

9/10/2015 -- Getting up to speed on the ever-changing payments landscape is more important than ever. And, for ACH, the next year is bringing a lot of change.

9/4/2015 -- We are excited to announce that The National Credit Union Foundation (the Foundation) and Corporate One FCU have just recently released a short, animated video that discusses the benefits of being a credit-union cooperative and briefly describes the seven basic principles by which all cooperatives operate.

9/4/2015 -- Corporate One’s July 2015 unaudited monthly financials are now available. View the July Unaudited Financials.

8/26/2015 -- Last month I mentioned Corporate One is turning cash management on its ear – and we are. This month I’m pleased to announce some exciting new cash management account changes, including a new solution to help you succeed: the EZ Sweep account.

8/19/2015 -- One of NACHA’s main strategic focuses is to limit the amount of unnecessary returns in the ACH network. The thought process is that if we reduce unnecessary returns we also decrease unnecessary risk incurred by financial institutions that process ACH.

8/18/2015 -- Corporate One’s Second Quarter 2015 unaudited financials and June 5310 report are now available. View the Second Quarter Unaudited Financials and June 5310 report.

7/29/2015 -- Credit unions and BSA/AML have spent much of June in the headlines, and it’s not good news. Credit unions are buzzing about the June 2, 2015, Wall Street Journal front-page article, “Treasury Scrutinizes Credit Unions.”

7/24/2015 -- For baseball fans, the Mendoza Line represents the threshold of what is considered competent hitting. Classically defined as a .200 batting average, the Mendoza Line falls well below the overall league average of .250 to .270.

7/21/2015 -- Did you know that the value of our BSA/AML and OFAC training is so awesome that it’s blowing people’s minds? Well it is, and I’ll explain why.

7/13/2015 -- Last month we launched Clique, a new brand for our cards programs to help credit unions better understand the value it brings them. Clique now serves as the marketing umbrella for our cards solutions.

7/7/2015 -- Corporate One is turning cash management on its ear. We’re creating a more integrated process that is easier, convenient, and profitable with even more competitive investment options, along with competitive rates. In short, we want to make Corporate One the only place you'll need or want for effective cash management.

7/20/2015 -- Corporate One’s latest Quarterly Economic Update is now available in on-demand webinar or podcast formats, making it easy for you to tune-in whenever and from wherever is most convenient for you. View the webinar | Listen to the podcast

7/1/2015 -- Corporate One’s May 2015 unaudited monthly financials are now available. View the May Unaudited Financials.

6/29/2015 -- Since before the new liquidity regulation became effective in March of 2014, credit unions have diligently worked to develop and implement liquidity policies and contingency funding plans or revise and test pre-existing policies and plans.

6/23/2015 -- If you’ve traveled via airplane recently, you can appreciate the controlled chaos that goes on in an airport. If you’re like me, you have to be early to your gate, just in case something happens.

6/8/2015 -- Corporate One’s April 2015 unaudited monthly financials are now available. View the April Unaudited Financials.

6/19/2015 -- The pressure is mounting for financial institutions to utilize forward-looking loss predictive models. Using forward-looking models would more accurately depict the future credit losses an institution would incur, according to the Financial Accounting Standards Board (FASB) and Basel III (a European act intended to strengthen the resilience of the EU banking sector so it would be better placed to absorb economic shocks).

6/15/2015 -- Today, consumers are always asking, “What have you done for me lately?” In an increasing competitive business world, consumers demand more from those they do business with, and successful businesses must respond with innovative, efficient and effective solutions. At your corporate, it’s no different. 

6/8/2015 -- Corporate One’s First Quarter 2015 unaudited financials and March 5310 report are now available. View the First Quarter Unaudited Financials and March 5310 report.

5/28/2015 -- Paper or plastic? Debit or credit? Android or Apple? Every day we face little decisions that affect our way of life.

5/26/2015 -- The creation of a more risk-sensitive framework for capital regulation is at the heart of the changes in the recent NCUA–revised, risk-based capital proposal.

5/19/2015 -- Last month, Corporate One held its annual meeting where we reviewed our achievements for 2014 and shared our vision for the future. Our annual meeting is an exciting time. We enjoy seeing so many friends and catching up on hearing about the successes at our member credit unions. Our annual meeting is also when we release our annual report.

UPDATED 4/20/2015 -- Corporate One today released its 2014 Annual Report, complete with the Management's Discussion and Analysis, as well as the audited financials and footnotes. Thanks to the continued support of members nationwide, Corporate One recorded $9.2 million in net income in 2014, for a total regulatory capital position of $279 million as of Dec. 31, 2014.

3/27/2015 -- Corporate One’s February 2015 unaudited monthly financials are now available. View the February Unaudited Financials.

3/25/2015 -- The Europay, MasterCard and Visa (EMV) liability shift for counterfeit Point of Sale (POS) fraud is right around the corner on October 1, 2015. What will this mean to your credit union?

3/19/2015 -- Last month we featured part one of this article, which listed three compliance lessons we should apply based on recent FinCEN enforcement actions penalizing North Dade Community Development Federal Credit Union and MoneyGram’s SVP Thomas Haider.

3/12/2015 -- Corporate One’s January 2015 unaudited monthly financials are now available. View the January Unaudited Financials.

3/11/2015 -- Corporate One’s Fourth Quarter 2014 unaudited financials and December 5310 report are now available. View the Fourth Quarter Unaudited Financials and December 5310 report.

3/11/2015 -- Over the last several years we have seen consumers – not just millennials – come to expect faster transaction processing. Non-financial institution service providers, such as PayPal and Apple Pay, allow consumers to move money in (near) real time. Because of this, the Federal Reserve Bank and the National Automated Clearinghouse Association (NACHA) have been working with financial institutions worldwide to develop a path forward to achieve the next big step in payments: Same Day ACH.

3/4/2015 -- Whether you’re a current Member Business Solutions (MBS) partner or just interested in learning more about business lending, you’re invited to the 6th CU Small Business Summit in Charleston, May 4-6, at the Mills House Wyndham Grand Hotel. This year’s summit promises to be informative and thought-provoking, covering the latest industry insights, best practices and regulatory exam topics.

2/26/2015 -- Does your cards program offer you benefits for participating in their program? We do! In fact, our cards program offers several benefits, such as annual cash dividends and marketing campaign assistance.

2/23/2015 -- Corporate One President/CEO Lee Butke was re-elected as treasurer of the National Credit Union Foundation (NCUF) Board of Directors at the NCUF's board meeting held January 14, 2015.

2/19/2015 -- At a recent Association of Certified Anti-Money Laundering Specialists (ACAMS) conference, attendee surveys found that compliance officers universally react to and learn from recent enforcement actions that come from federal agencies.

2/12/2015 -- Last month we emphasized that you would have plenty of opportunities to make sure you can get the greatest value out of your membership in Corporate One in the New Year. This month I am pleased to announce that we have hit the ground running with many plans to help you make 2015 an outstanding year. We are coming to a town near you!

1/29/2015 -- For credit unions, the biggest benefit of EMV (Europay, MasterCard, Visa ) chip cards is their powerful fraud prevention technology. Because every EMV card is essentially a small, secure computer, EMV cards are nearly impossible to counterfeit.

1/21/2015 -- The new year is in full swing and your financial institution could be left behind if it isn’t prepared for the new ACH Rules. More importantly, many of these new Rules may pack a hefty punch to those who aren’t complying.

1/14/2015 -- The economic backdrop improved throughout much of 2014, led by better employment and manufacturing data, driving GDP to rebound from a weak first quarter. In October 2014, the Fed completed and exited their bond buying program as expected. Interestingly, as the Fed tapering played out this year, the Treasury yield curve flattened.

1/7/2015 -- As Andy Williams reminds me each holiday season, “It’s the most wonderful time of the year.” Along with all the parties for hosting and marshmallows for toasting that fill the holiday season with joy, I also enjoy taking the time to reflect on where we’ve been and where we’re going.