Wescom Credit Union announced today that it is partnering with Sylvan Learning Centers throughout Southern California to provide scholarships to college-bound students as part of its ongoing #WescomKindness initiative for the third consecutive year. “We started this scholarship program in 2020 when remote learning became the norm. Students are still facing widespread learning-related challenges as a result of COVID-19’s ongoing presence and we want to help by providing extra tutoring, ensuring they are sufficiently prepared when they go off to college,” stated Melissa Pederson, Wescom Credit Union SVP Administration. “Working with Sylvan, we can make a difference and continue our commitment to helping Southern Californians build better lives.” Wescom will provide $28,000 in funds to support college-bound students via tutoring scholarships fulfilled by Sylvan Learning Centers across Southern California counties, including Los Angeles, Orange, San Bernardino, and Riverside. Seventeen Sylvan Learning Centers will participate, awarding college preparation services such as college essay assistance, coaching through the college admissions process, SAT and ACT prep, and tutoring for AP and other academic classes. The scholarships will benefit approximately 20 deserving juniors and seniors attending local public high schools. “Ongoing learning challenges and making up for lost time are realities for students right now,” said Emily Levitt, Vice President of Education, Sylvan Learning. “The continued support of high school students in Southern California through the #WescomKindness initiative makes a real impact in these communities. We are so proud to be a recipient of Wescom’s proactive approach with helping high school students and their families prepare for college.” In addition to the scholarships, Wescom created an online resource dedicated to providing college-bound students and their families with practical information, such as decoding financial aid terms and outlining the different ways to pay for college. Because of the enormous expense that can be associated with attending college, Wescom encourages students and their families to first explore and research all available scholarships, grants, and federal financial aid before taking out private loans. For those families that do need to bridge the gap between college expenses not covered by scholarships, grants, and federal loans, Wescom offers their Smart Option Student Loan® by Sallie Mae®. Wescom also offers their Youth Banking Plus Account, designed for teens ages 13 to 17, which helps students learn how to build wealth, maintain it, and use the tools to reach their financial goals. To explore Wescom’s online resources to help students and families make their college dreams a reality, visit wescom.org/college. For more information on the Smart Option Student Loan® by Sallie Mae® visit wescom.org/Loans/Student-Loans. For more information on the Wescom Youth Banking Plus Account visit wescom.org/Accounts/Youth-Accounts.
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"The FOMC voted unanimously for a third consecutive 75-basis point increase to the target federal funds rate. This outcome was widely expected, but that does not detract from the breathtaking rise over the from under 1 percent in early June to over over 3 percent just three months later. With the move, Chairman Powell indicated that rates are now potentially in restrictive territory. That adds to the impression that the FOMC is not done raising rates by a long shot. Adding to that speculation, the Committee's updated projections have the fed funds rate rising by another 125 basis points to 4.4 percent by the end of 2022 and to 4.6 percent at the end of 2023. Beginning in 2024, projections vary widely, with the median member expecting 75 basis points of rate cuts that year and 100 basis points the next. The unemployment rate is expected to top out at 4.4 percent in 2023 and remain there the following year before declining somewhat in 2025. That outcome would either avoid a recession or constitute a very mild one, but the risks are all weighted to the downside. For it to be realized, the Fed would need to properly identify the turning point at which it can safely ease its foot off the brake and to do so with the proper weight. Credit unions should prepare for a mild recession in 2023, at minimum." -NAFCU Chief Economist and Vice President of Research Curt Long PSCU, the nation’s premier payments credit union service organization (CUSO), has announced it has expanded its partnership with ValleyStar Credit Union (ValleyStar). In addition to support services for credit, the CUSO will now also provide debit processing support for the credit union. Founded in Martinsville, Virginia, in 1953 to serve nylon plant employees, ValleyStar currently operates in 44 counties and cities throughout Virginia and North Carolina. With a mission to make banking and managing finances as easy as possible, ValleyStar is committed to serving and supporting its members and their communities to lead more financially secure lives. With more than $650 million in assets, ValleyStar was searching for a robust solutions provider that would deliver a highly functional, reliable and secure debit card program to its members. It was also seeking a partner that understood and employed the “people helping people” credit union philosophy. After a comprehensive review process, ValleyStar selected PSCU. “PSCU has already proven itself a dedicated and trustworthy partner, and we felt that the CUSO was the right fit to keep our debit programs agile as we move forward in today’s constantly evolving digital landscape,” said Diane Walker, card services manager at ValleyStar. “PSCU’s shared commitment to delivering an unparalleled experience allows us to focus on our members, which is always our ultimate goal.” PSCU will begin providing debit processing services and support to more than 45,000 members starting in fall of 2022. “The way in which ValleyStar lives up to its goal of meeting members where they are in their lives is admirable, and we are proud to expand our partnership with them,” said Chris Gunnare, SVP, chief sales officer at PSCU. “We look forward to continuing to leverage our industry-leading technology to help ValleyStar meet their goals while also making a difference in their members’ financial lives.” Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the September edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead. It’s back to school time again, as students of all ages have returned to classrooms throughout the country. And morning traffic is not the only thing that’s increased as a result, with consumer purchasing activity showing strength in both credit card and debit card volume in August. In our September 2022 edition of the PSCU Payments Index, we take our second annual Deep Dive into back-to-school purchasing. In the Labor Department’s September 13 update, the Consumer Price Index (CPI) was up 0.1% for the month of August, bringing the 12-month rate of inflation to 8.3%. Increases in shelter, food, medical care, electricity and natural gas were largely offset by a 10.6% decrease in the gasoline index. The Bureau of Labor Statistics (BLS) reported the August 2022 unemployment rate rose to 3.7%, with the number of unemployed increasing by 344,000 to 6.0 million. The Federal Reserve will meet on September 20-21 and is expected to announce an additional 0.75% interest rate hike to help curb inflation, which, if materialized, would be the third consecutive 75-basis-point increase. The Consumer Confidence Index increased in August following three consecutive months of declines, now at 103.2 (1985=100). While both purchasing intentions and vacation intentions increased for the month, high inflation and interest rate actions by the Fed continue to pose short-term risks to economic growth. The average national gasoline price dropped to $3.75 per gallon on September 5, down $1.26 per gallon or 25% from the peak in June 2022. Current per-gallon prices are up 18%, or $0.57, from a year ago. “August saw strengthening of spend on both credit and debit cards, including those merchant categories included in our Deep Dive on back-to-school spending this month,” said Tom Bennett, principal, Advisors Plus at PSCU. “Credit is performing extremely well, with nearly every merchant category experiencing double-digit growth. While debit growth was more subdued, there is notable growth in the newer methods of payments like contactless – more than one in four eligible debit transactions are now tapped – and the variety of Card Not Present (CNP) alternatives, where almost one out of every two dollars spend is CNP.” A sampling of key takeaways from the September report includes:
The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month. “It is a known fact that innovation plays an integral role in the health and competitiveness of the financial services market. All financial institutions, especially credit unions, must have a clear regulatory framework to take advantage of such innovations, including digital assets. NAFCU understands that the development and use of digital assets has seen unprecedented growth in recent years. While we welcome clarity and guidance from the Biden Administration on how credit unions can integrate the use of digital assets into their services, we urge continued engagement with smaller financial institutions and ask that the NCUA remain a focal point when addressing feedback and concerns over the use of certain digital assets.” - NAFCU President and CEO Dan Berger The judges for the 2022 CUES Emerge competition have been announced. They are:
After an initial cohort of 30 applicants were selected into CUES Emerge, 27 continued on into the competition phase of the program, where the judging panel evaluated and scored each participant’s business plan. Judging was based on criteria including project need, value to stakeholders, and realistic viability. The five highest-ranking applicants were then named as Finalists. Judges are also responsible for evaluating the final presentations that will happen online, live from Currency’s video production studio. Watch the final presentations at CUESEmerge.com on Wednesday, October 5 at 1:00 p.m. Central. The judges will be viewing the final presentations with a critical eye toward the Finalist’s ability to clearly articulate their business idea, and describe the benefits. Each Finalist will be given seven minutes to recap their project, followed by a three-minute Q&A session with Currency’s Tim McAlpine. A Top Three will be chosen, and ultimately, the winner of CUES Emerge. CUES Emerge was created to offer free professional development to the industry’s up-and-coming leaders. Participants who complete the course work and business case earn the Certified Credit Union Manager designation in recognition of their commitment to their career, credit union and the industry. Visit CUESEmerge.com to check out the five Finalists’ business case ideas. The CUES Emerge competition is powered by Currency Marketing. You can learn more about CUES at cues.org. SECU Pledges $300,000 for WFCU to Address Global Issues in Inclusion, Safety, Gender, and Leadership9/15/2022 State Employees’ Credit Union (SECU) announces its continued commitment to Worldwide Foundation for Credit Unions (WFCU), the engagement and charitable arm of the World Council of Credit Unions, by committing $300,000 to the organization’s Global Bridges program. Aimed at engaging credit unions across the globe to learn, share, and solve pressing global issues, Global Bridges will use the funds to specifically address gaps in inclusion, safety, gender, and leadership in its member credit unions. Since first collaborating with WFCU in 2006, SECU has contributed $895,000 in support of global efforts for credit union development. The funds have helped grow credit unions to more than 375 million members, an increase of 118 percent since 2006. SECU’s latest pledge of an additional $300,000 will be over the next three years, bringing the collective total to $1.2 million. The Global Bridges program is expected to impact one billion people around the world. “We are inspired by the work that has been accomplished by WFCU since SECU’s funding first began, and we are pleased to continue our support through Global Bridges,” said Jim Hayes, SECU president and CEO. “Their mission to support credit unions worldwide is invaluable. It complements SECU’s ongoing transformational work in communities across North Carolina, and it furthers our philosophy of People Helping People®.” Through funding and support from SECU, Worldwide Foundation also hopes to galvanize U.S. credit union support for its work toward its upcoming International Credit Union Day (ICU) EMPOWER Campaign. The campaign runs from October 1-20, with a goal of raising $500,000 from credit unions across the country toward expanding credit unions worldwide in conjunction with the ICU holiday on October 20. “We are honored to have the nation’s second largest credit union by our side as a global champion as we together fight to bridge the gap of financial inequality at home and abroad using credit unions,” said Mike Reuter, WFCU executive director. “Our work will bring financial inclusion to many people worldwide who wake up every day without fair and affordable access to financial services.” OCEAN FINANCIAL FEDERAL CREDIT UNION APPOINTS LISA C. MCGUINNESS AS FIRST FEMALE CHAIR OF THE BOARD9/15/2022 Ocean Financial Federal Credit Union (OFFCU) announced the appointment of Lisa C. McGuinness as Chair of its Board of Directors, the first woman to hold the position. Ms. McGuinness has served as a member of the Board of Directors for approximately seven years, first as a Volunteer for the Supervisory Committee then as a board director starting in 2019. Ms. McGuinness graduated from Sacred Heart Academy and earned her bachelor’s degree at SUNY Geneseo. She began her career at Dime Savings Bank where she assisted in the programming of their first ATM Machines. She later held executive leadership roles at Estée Lauder, as Executive Director of the IT Risk and Compliance Division, followed by Senior Manager of Global Risk Management and Compliance at Avon, and at Cole Haan leading the IT Risk Management and Compliance practice. Ms. McGuinness has been recognized as a leader in the information technology industry for more than two decades, having left a lasting impression on the organizations that she has served. Ms. McGuinness is a long-time resident of Oceanside, where she raised her family with her husband. She is a member of St. Anthony’s parish, volunteering for several committees. She is a past President of the Ladies Auxiliary at the Fr. Joseph O’Connell Knights of Columbus Council #3481. “I am humbled and honored to have such trust placed in me,” said Ms. McGuinness. “I was taught the importance of leadership at an early age from my parents and teachers. My family has been account holders since the formation of the credit union. I have personally witnessed Ocean Financial evolve under the leadership of Joseph Tedesco to prioritize its mission of supporting the Catholic community by providing its members with financial well-being and sustainable growth options. I look forward to overseeing the traditions inspired by the Catholic values of Ocean Financial not just in Oceanside, but across all members of the Catholic Community.” “Lisa will play an important role in making sure that values and policies of Ocean Financial stay in place, both internally and externally. Her extensive background aligns with our Four Pillars and throughout her term, Lisa will ensure that safety & security, advice, value and ease & simplicity will be delivered to our members. Lisa is a great addition, and we look forward to her leaving her mark as the first Chairwoman of Ocean Financial,” said Joseph Tedesco, President and CEO of Ocean Financial Federal Credit Union. Photo attached, credit Ocean Financial Federal Credit Union. TriVerity, a PSCU company, today announced it has launched its Indirect Credit Bureau Dispute Processing Solution via The Loan Service Center (TLSC). By handling the full burden of timely indirect credit bureau tradeline dispute investigations and responding to automated credit dispute verification forms (ACDVs), the service enables credit unions and their employees to focus on meeting members’ ever-evolving needs and expectations. “The indirect credit bureau disputes process can be time-consuming and even stressful, but getting it right is vital to the overall health of the credit union and their member experience,” said Wendy Elieff, senior vice president, Client Service and Marketing at TriVerity and TLSC. “Our Indirect Credit Bureau Dispute Processing Solution removes the onus from the credit union and manages the entire journey properly and in a timely manner, so credit unions can reallocate their staff’s time and efforts, all while keeping an open line of communication with a partner they can trust.” With quick and easy implementation alongside simplified pricing, the Indirect Credit Bureau Dispute Processing Solution helps credit unions improve efficiencies and reduce labor costs. Once setup is complete, the TLSC team operates autonomously, with minimal supervision from credit union staff due to thorough and transparent communication from the TLSC team. Results of indirect credit bureau disputes can be reviewed in real time and are available 24/7 to credit union employees. In addition, TLSC client service representatives provide quarterly updates on trends and procedures, as well as any uncovered errors, that can assist credit unions in developing internal process improvements to avoid future disputes. “TLSC is handling all of our indirect credit bureau disputes with ease and efficiency through the Indirect Credit Bureau Dispute Processing Solution,” said Desiree Williams, collections manager, Money One Federal Credit Union (MOFCU). “The initial setup process was easy, and the MOFCU collections team now has one less task on its plate. We have complete confidence TLSC is managing the process from start to finish.” Indirect credit bureau dispute processing services are now available to all financial institutions through TLSC. To learn more about TriVerity, TLSC and its offerings, visit TriVerity.com. FINTAINIUM joins the Curql Collective fintech ecosystem, allowing credit unions to identify, assess, partner with, and invest in fintech companies. FINTAINIUM is a unified cash flow management and payment platform for businesses. It offers Collective credit unions a first-class digital experience and a robust suite of integrated payments and cash management solutions for their small and medium business banking members. “FINTAINIUM’s white-labeled cash management platform is a terrific addition to the Curql ecosystem,” said Jim Ryan, Vice President of Strategic Partnerships at Curql Collective. “FINTAINIUM provides credit unions’ business members the tools to leverage a distributed workforce model while still banking with a local credit union.” Credit unions can leverage FINTAINIUM's unified cash flow management and payments platform to attract, retain, and grow business relationships by providing streamlined back-office services, payments, and cash flow management capabilities. This relationship reflects Curql's commitment to providing credit unions and CUSOs access to fintech companies like FINTAINIUM to accelerate innovation and deepen SMB member relationships. “We are thrilled that Curql chose FINTAINIUM,” says Rich Jackman, FINTAINIUM CEO. “Curql is a clear leader in the credit union ecosystem. Our mission is to provide digital payments and automation to financial institutions and their clients to help them compete against larger FIs and other fintechs. The partnership with Curql will help accelerate that process.” |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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