The Hub: News & Events for June 4, 2019

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June 4, 2019


Central 1 News 

Thank You, We've Met Our First Adoption Target for Interac e-Transfer® Enhanced User Features (login required) 
Thank you to all our financial institutions across Canada for prioritizing and taking action in this collective effort to implement Interac e-Transfer® Enhanced User Features (EUF). We are delighted to advise that as a system we have successfully met the first target and are making strides in collectively moving towards full implementation. 
Bank of Canada Announcement - $1, $2, $25, $500 and $1,000 bank notes will no longer be legal tender 
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Following changes announced in the Federal Budget in 2018, the Government of Canada can now remove legal tender status (LTS) from bank notes.   
Payment Solutions Manual: AFT Settlement Part Update 
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​We added a section to the AFT Settlement Part, Chapter 5, Posting Incoming AFT Files, that provides content on the AFT serviceability codes. We also updated Central 1 Account Request, Form 3571, to clarify that the 2-hour funds availability (Code "0") only applies to AFT service. 
Advisory: Enhanced Reconciliation File – OREC Implementation 
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​The OREC file implementation has been scheduled for June 10, 2019.     
Payment Solutions Manual: Account Reconciliation File Specifications 
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​The OREC File Specifications, Form 8951, is now available on the secure site. We also updated the PREC File Specifications, Form 3750, with an improved description of file availability, and we updated the Central 1 File Specifications Part. 
Central 1 Events

June 12, 2019
User Sessions Spring Webinar  

September 8-10, 2019
Momentum Summit & Trade Show
Westin Harbour Castle, Toronto
Button to Credit Union Careers
Button to Central 1's Economic Insights
Button to our Annual Research Package

Industry News

Credit unions
BC's housing market to bounce back from Vancouver price correction by 2021 (Livabl) - features Central 1 Credit Union

Bank of Canada's lessons for the Fed: Bar to change is high (BNN Bloomberg)

Slow progress on open banking putting Canada further behind, observers warn (Financial Post)

SMEs benefit from cashless payments says study (FinExtra)

Why AI Is MIA In Most FI Fraud Departments  (PYMNTS)

Housing / real estate
Vancouver home sales surge 44.2% in May in sign of recovery (BNN Bloomberg)

Real estate affordability worsened by taxes and limited options, say B.C. residents (Business in Vancouver)

OSFI increases domestic stability buffer for big banks to 2% (BNN Bloomberg)


Industry Events

June 9-14, 2019
CanadaDE Credit Union Leadership Program
Saint Mary's University
Halifax, NS

June 10, 2019
OCUF Golf Classic & Culinary Class
Markland Wood Golf Club, Toronto, ON

July 28-31, 2019
World Credit Union Conference
The Atlantis Resort, Bahamas

September 15-17, 2019
CULA Conference
White Oaks Conference Resort
Niagara-on-the-Lake, ON
(Save the date)

October 3 – 5, 2019
35th Annual Credit Union Directors' Forum 
"Good Governance: The Future of Ontario's Credit Unions"
Hilton Mississauga/Meadowvale

October 21-22, 2019
Everlink Connections 2019
Hilton Toronto
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Central 1 Credit Union, All rights reserved.

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