"Retail sales remained flat in July. That marks the slowest growth during any single month since December 2021. Much of the weakness was concentrated in autos and gas stations; excluding those categories, sales rose 0.7 percent on the month. The flat measure for spending coincides with July’s consumer price index (CPI) reading, which was also unchanged. That represents the third consecutive month that nominal retail sales growth has been at or below inflation, as measured by CPI. Supply issues persist, but the decline in real spending is fundamentally necessary to slowing down the overheated economy. That it has not yet resulted in a severe downturn in the labor market raises hopes that the Federal Reserve can achieve a soft landing. However, there is still lots of work to be done to get inflation near the Fed’s target, and financial conditions have eased recently. NAFCU still anticipates another 75-basis point increase in the target federal funds rate at the FOMC’s September meeting." - NAFCU Chief Economist Curt Long.
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Southern California-based Wescom Credit Union has been named the Official Banking Partner of the UCLA Dashew Center for International Students and Scholars. As UCLA is home to more than 12,000 international students and scholars representing more than 120 countries, the Dashew Center – which is dedicated to promoting global connection, international understanding, and cultural sensitivity – serves as the central hub for visa services, support, and advocacy to students and scholars prior to their arrival and throughout their time at UCLA. “Wescom is proud to be the Official Banking Partner of the UCLA Dashew Center for International Students and Scholars, as we continue to expand our engagement with and commitment to the UCLA community,” noted Ashley White, Vice President, Partner Development of Wescom Credit Union. “We look forward to welcoming these international students and scholars to UCLA and to Southern California where we provide more than 200,000 Wescom members, including UCLA students, faculty, staff and alumni, with the personal service, competitive loan rates and outstanding savings yields for which we are known.” One of the most important programs Wescom will undertake as the Official Banking Partner of the UCLA Dashew Center for International Students and Scholars is a close collaboration with the Center to develop financial literacy programs to foster healthy financial habits. These programs will be designed to meet the unique needs of international students and scholars who may be unfamiliar with the U.S. banking system and the importance of understanding the U.S credit system and how to best manage their finances during their time abroad. “Our partnership and collaboration with Wescom will provide our international students and scholars a new source of financial support and literacy upon arrival in the United States,” said Sam Nahidi, Director of UCLA Dashew Center for International Students & Scholars. “We believe this partnership will equip our community with crucial financial wellness resources and banking support benefits, which are common obstacles that international students and scholars face during their adaptation to living in the U.S.” Wescom offers other advantages to international students and scholars. For example, unlike many other financial institutions that require a Social Security number or Taxpayer ID to open an account, Wescom will waive those requirements so that incoming UCLA international students and scholars can open an account before they arrive in the U.S. By simply emailing Wescom’s UCLA Campus Branch directly, the Wescom team will personally assist international students and scholars in opening an account. Additionally, Wescom has a full-service, on-campus branch centrally located at the Ackerman Student Union, and seven convenient ATMs throughout the UCLA campus, making it easy for these international students and scholars to manage their finances without having to leave campus. Wescom has supported and partnered with UCLA for more than seven years now, and is the Official Banking Partner of UCLA Athletics, UCLA Alumni Association, UCLA Campus Life and Recreation, and the Rose Bowl Stadium. Wescom is also an Official Partner of UCLA Financial Wellness Program, UCLA Staff Assembly, and Associated Students of UCLA (ASUCLA). Discover special offers for UCLA international students and scholars by visiting the Wescom website: ucla.wescom.org/international-students After setting new records for net income and asset growth over the last couple years, AERO Federal Credit Union ($302 million in assets; 19,308 members; Glendale, AZ) recognized the need to switch to a more modern core processor after nearly 40 years on their current core. AERO Federal Credit Union chose Corelation for KeyStone’s ease of use, robust ‘More in the Core’ features, and ability to integrate with third-party vendors with the KeyBridge open API. “We were excited that Corelation has a lot of positive momentum. KeyStone’s modern architecture provides a higher ceiling for future growth of the system,” said AERO Federal Credit Union President & CEO Michael Moyes. “Cost-wise, KeyStone was the right choice for our credit union because we can eliminate some third-party fees and the system doesn’t require us to have programmers on staff.” The option to select an in-house system running on Linux was key in AERO Federal Credit Union’s decision, as well as having a core that was contemporary in the way it was designed. “One of the things that made me fall out of my chair: that there are no license fees or integration costs to connect our third-party vendors into the core with KeyStone’s open API [KeyBridge],” shared AERO Federal Credit Union VP/Information Technology Bryce Mortensen. “We’re also looking forward to utilizing KeyStone’s workflow functionality to automate manual processes that will both eliminate human error and save time for our staff.” The credit union also found that KeyStone offered the best data management with robust search and filter features to allow their staff to quickly drill down to find information. “KeyStone’s navigation is intuitive, and the dashboards will provide our tellers with better access to information that will make service easier and more efficient for our members,” added Moyes. AERO Federal Credit Union is scheduled to convert to KeyStone in mid-2023. “KeyStone is designed to give our credit union partners the flexibility and freedom to choose the vendors that align best with their strategic goals,” shared Corelation President Rob Landis. “Just as AERO Federal Credit Union is dedicated to the financial success of their members, Corelation is committed to providing the best in core processing to support their growth for years to come.” UMe Credit Union Partners with Bankjoy to Offer a Modern Digital Banking Experience for Members8/16/2022 UMe Credit Union, based in Burbank, California with more than $300 million in assets, has partnered with digital banking provider, Bankjoy to provide its members with a best-in-class online and mobile banking experience. UMe Credit Union was chartered in 1940 by a group of Burbank Unified School District teachers, establishing themselves as Burbank Teachers Federal Credit Union. Today, UMe Credit Union has expanded to serve more than 16,000 members across the Burbank area. Throughout the credit union’s history, UMe has remained focused on maintaining strong member relationships and supporting their financial needs. By partnering with Bankjoy, UMe is able to further its mission and empower members to easily manage their finances digitally, as UMe’s members can access Bankjoy’s digital banking platform, which includes mobile and online banking, and other advanced features. UMe selected Bankjoy over other digital banking vendors because of Bankjoy’s ability to customize the platform to align with UMe’s fun and distinct brand that sets the credit union apart from other financial services providers. Bankjoy also stood out because of the company’s future vision for its digital banking platform and the strong relationships built between the two organizations and their executive leadership teams. “UMe Credit Union is deeply rooted in the local Burbank community and we have always valued our strong, personal relationships with our members. We aim to continue that tradition while finding newer and better ways to support our members’ financial needs,” said Robert Einstein, CEO of UMe Credit Union. “Bankjoy helps us achieve this by giving our members a modern digital banking experience that makes it easier and more convenient to manage their finances.” Bankjoy’s platform will integrate directly with UMe Credit Union’s core banking system through Jack Henry™. Bankjoy currently supports more than 60 integrations with various third-party vendors and other core banking platforms. With Bankjoy’s proven integration capabilities, UMe Credit Union’s members will have a seamless digital banking experience across multiple channels. “Jack Henry strives to ensure our credit union clients are able to quickly and easily deploy the technology products they need by making it as easy as possible to connect with our core platform,” said Shanon McLachlan, President of Jack Henry Credit Union Solutions. “We are proud to collaborate with Bankjoy and empower our clients to deliver exceptional products that make a positive impact on the financial lives of their members.” “To offer a superior member experience for today’s generation of consumers, a feature-rich, fully integrated digital banking platform is essential. Recent research shows that more than 43 percent of consumers in the U.S. switched their primary financial institution because of mobile banking-related reasons and 35 percent switched due to online banking-related reasons,” said Michael Duncan, CEO of Bankjoy. “UMe Credit Union is focused on delivering the latest digital tools and mobile banking features that members want. Our team at Bankjoy is proud to help facilitate this with our digital banking platform and we look forward to serving UMe and their members.” In pursuit of its “People Helping People” philosophy, Credit Union of Southern California (CU SoCal) donated a combined $225,000 to local charities based in surrounding communities the credit union serves. The charitable efforts took place over a one-month span. By the time the last check was signed, the credit union donated to 19 charitable organizations in amounts ranging from $1,000 to $25,000. Donations were sent to a variety of charities, including the Boys and Girls Club of Fullerton, Bridge of Faith, Helpline Youth Counseling, INC., and Interfaith Food Center — all of which are based in the counties of Los Angeles, Orange, Riverside, and San Bernardino. “These charitable organizations do great work for the communities we serve, and it’s our honor and pleasure to help them continue to do so,” said CU SoCal President and CEO Dave Gunderson. “We take our ‘People Helping People’ philosophy seriously, and we hope these donations reflect our commitment to that ongoing pursuit.” Teachers Federal Credit Union, one of the largest credit unions in the United States with $8.8 billion in assets and more than 420,000 members, announced that it will be the first-ever presenting sponsor of The American Cancer Society’s Making Strides Against Breast Cancer Long Island Walk. To demonstrate its commitment to the community and the cause, Teachers is pledging $50,000 to the American Cancer Society. "Building a strong community is one of Teachers Federal Credit Union's guiding principles," said Teachers’ President and CEO Brad Calhoun. “We are constantly looking to take action alongside organizations that give back and make a difference in our members’ lives. Part of building a stronger community is building a healthier community. That is why we are so proud to further our partnership with the American Cancer Society.” The Making Strides Against Breast Cancer Long Island Walk will be held at Jones Beach State Park on October 16, 2022. In addition to sponsoring the Making Strides Against Breast Cancer Long Island Walk, Teachers will also host a fundraiser through collective efforts of employees and members. Throughout the month of October, Teachers employees will form teams to raise funds and volunteer to walk at both the Eastern Long Island walk and the Jones Beach walk. All funds Teachers raises during Breast Cancer Awareness Month will go directly to research with a collective goal to end breast cancer. “Thanks in large part to decades of work and partners like Teachers Federal Credit Union, a breast cancer diagnosis does not come without hope,” said Vicky Green, National Strategic Director, Making Strides Against Breast Cancer at American Cancer Society. “Our shared vision to build a strong and healthy community allows us to fund research and life-saving care for survivors, thrivers, and caregivers.” Making Strides Against Breast Cancer has united communities in the fight against this deadly disease and funded breakthrough research, 24/7 support for breast cancer patients, and access to lifesaving screenings for more than two decades. Thanks to the support of the community and organizations like Teachers, the Long Island walk had 45,000 participants and raised $1.8 million toward breast cancer research in 2021. Through its sponsorship of the number one Making Strides event in the country, Teachers is proud of its commitment to building a strong community. TruWest Credit Union is excited to celebrate 70 years of distinguished service on August 12th. A cooperative with a rich history of service to its members, involvement in the community and dedication to its employees, TruWest lives and breathes the long-standing philosophy of “people helping people.” From a humble start in 1952 as Motorola Credit Union, TruWest has expanded its membership to over 93,000, providing trusted financial solutions and services to members in 12 branch locations in Arizona and Texas. “The TruDifference is woven into everything we do,” said Alan Althouse, president and CEO at TruWest® Credit Union. “It is a pledge to provide members great rates and great service and a culture of caring for our members, our employees and the community.” Since its opening, TruWest has shown a commitment to supporting the communities in which it operates. The member-owned organization has championed several charitable causes and organizations including The American Lung Association, Phoenix Children’s Hospital, Dell Children’s Medical Center and Mesa Community College’s First-Year Experience Program. As part of celebrating 70 years of service in the community, TruWest will launch the 70 days of 700 hours of service challenge for its employees starting August 12th. Through October 21, TruWest staff will have the opportunity to provide 700 combined hours in community service. “TruWest believes in giving back through volunteer efforts,” said Jennifer Kimmell, senior vice president and chief marketing officer at TruWest® Credit Union. “We are excited to encourage our employees to really represent what TruWest believes in – providing community service from all employees over 70 days.” The organization is also launching a 70th anniversary TruWest Visa® credit card giveaway, awarding a grand prize of a $10,000 statement credit and seven second place prizes of $1,000 statement credits. For every TruWest® Visa credit card purchase, members will receive an entry into the drawing. For additional information regarding TruWest® Credit Union’s credit card giveaway, visit truwest.org/70thvisagiveaway. Additionally, throughout August and September, members who share their TruWest memories on the credit union’s social media pages will be entered for a chance to win a $70 gift card. To learn more about the history of TruWest Credit Union, and the organization’s commitment to service and the community since its inception, visit truwest.org/70. Hanscom Federal Credit Union’s Information Technology department has elevated Sean LaBrie to the role of VP, Infrastructure & Applications and Jared Silver to VP, Data & Information Systems, both reporting directly to Denise Bouchard, the interim Chief Information Officer. The promotions are part of an ongoing organizational redesign and will be central to the credit union’s ongoing ability to innovate and meet members’ evolving needs. LaBrie joined Hanscom FCU in 2018 and has spent the last four years as AVP, Infrastructure & Applications. He has been central in the management of the credit union’s network operations infrastructure and systems, including networking, storage, compute, and virtualization technologies, and the management of the infrastructure team. LaBrie has extensive experience in network engineering and infrastructure, including 15 years in the industry and nearly a dozen other professional certifications. Silver joined the credit union in 2020 as AVP, Data & Analytics. In that role, Silver was responsible for oversight of the data warehouse, encompassing quality assurance of information and process oversight, leading data governance efforts for the organization, and managing the implementation of strategic data initiatives and adoption of new technologies. He has over two decades of experience in data analytics, and earned his MBA from the Questrom School of Business at Boston University after earning a B.S. in computer science from Carnegie Mellon University. “Growth of the IT team is incredibly important to us, as it should be for every organization dealing with information as sensitive as financial data,” said Peter Rice, Hanscom FCU’s President/CEO. “Jared and Sean have been invaluable members of our IT team over the years as they’ve helped to ensure the safety and stability of our data and networks. Elevating them both to Vice President is an excellent fit–they’ve exemplified the values we are driven by and have shown that they’re exactly the leadership we need in our IT department.” On August 1st, 2022 The University of Kentucky Federal Credit Union (UKFCU) launched a donation campaign to help raise funds for the Flood Relief efforts in Eastern Kentucky. UKFCU has teamed up with the American Red Cross Bluegrass Chapter to help those struggling with the devastating effects of the recent flooding in Kentucky with a $25,000 donation. In addition, UKFCU is matching donations dollar for dollar, up to $50,000, for a maximum donation of $75,000. Please join us in providing some much-needed help to those in need. Our hearts go out to those affected by this crisis. Visit: https://www.ukfcu.org/relief. Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, and Rocket Mortgage, America’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced a new partnership enabling Q2 banks and credit unions to offer Rocket Mortgage’s digital home loan application experience, with live mortgage assistance, inside of Q2’s online banking platform. “We're excited to add a premier brand like Rocket Mortgage to our Q2 Innovation Studio ecosystem,” said Matt Flake, CEO of Q2. “This partnership, giving customers easy access to Rocket Mortgage's best-in-class digital offerings, adds another marquee solution to the Q2 Innovation Studio and provides an important and timely new option for our bank and credit union customers.” The Q2 Partner Marketplace Program provides an app store-like experience so financial institutions can evaluate, select and deploy applications from a catalog of pre-integrated third-party products with no up-front investment. It enables banks and credit unions to provide their customers and members with innovative fintech applications, like access to Rocket Mortgage, integrated directly into their digital banking platform. Rocket Mortgage, which has closed more than $1.5 trillion in home loans over the last 37 years, will enable banks and credit unions to meet their account holder needs with an industry-recognized customer experience. “Rocket Mortgage is focused on using technology to create certainty and simplicity in the home loan process – one of the most complex transactions most Americans will experience," said Bob Walters, CEO of Rocket Mortgage. “In this new partnership with Q2, we are able to help more consumers achieve the American Dream of homeownership – right inside the digital banking platform they already use.” This new Rocket Mortgage offering via Q2's Innovation Studio will enable community banks and credit unions to serve the residential mortgage needs of their communities at no cost to the financial institution – including no implementation or subscription fees. Rocket Mortgage takes care of everything related to the loan and servicing. The integration of Rocket Mortgage within Q2's digital banking platform streamlines the mortgage process for account holders, who now have even more options within their local bank to meet their financial needs. Fourth Capital, a Nashville, TN-based community bank, is the first to add Rocket Mortgage’s digital home loan application to its mobile and online banking app, expanding its financial offerings to its account holders. “We are thrilled to bring the Rocket Mortgage experience to our customers through the Q2 platform,” said Brian Heinrichs, CEO of Fourth Capital. “Bringing cutting-edge solutions to our clients with market-leading partners enhances our vision of providing Digital Tools with Human Touch. We continue to be pleased with our decision to partner with Q2 on our digital strategy and opportunities like this one validate the decision to go with Q2. We look forward to continuing to grow and advance with them in the future.” For more information about the Q2 Partner Marketplace, visit Info.Q2.com/Q2-rocket-mortgage-partnership. For more information about Rocket Mortgage, visit RocketMortgage.com. |
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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