The Hub: News & Events for March 3

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March 3, 2020


Central 1 News 

Bank of Canada Rate Alert
Bank of Canada expected to cut as Covid-19 drags on economy. The U.S. Fed surprised the market this morning with an emergency rate cut of 50 bps, cutting the target for the federal funds rate to a range of 1 – 1.25 per cent in light of coronavirus risks. The move is likely geared at soothing consumer and business sentiment, with lift to the real economy modest. This likely guarantees a cut to the Bank of Canada's target overnight on Wednesday March 4 from 1.75 per cent to 1.50 per cent in response to a hit to the global economy from Covid-19 and as part of a broader response from major central banks and governments around the world to shore up the economy.

Participation on Central 1's Nominations & Elections Committee
Central 1 is seeking expressions of interest for non-Central 1 directors to sit on the Nominations & Elections Committee for a term commencing April 28, 2020 and ending at the conclusion of the 2021 Annual General Meeting (AGM).

Now Available: Letters of Credit Webinar Recording
On February 26, Central 1's Credit Union Lending team, in partnership with Royal Bank of Canada, hosted a webinar that provided background on the types of Letters of Credit offered through Central 1, the benefits and challenges of dealing with Letters of Credit, the legal aspect, and the issuance and claims process.

MemberDirect Advisory: MD Core Release 608
To: MemberDirect® and PaymentStreamTM Direct clients 
Central 1 has scheduled a MemberDirect and PaymentStream Direct Core release for March 11, 2020. 

MemberDirect Advisory: MemberDirect Alerts to Bell and Virgin Customers Switching to SMS Shortcode
It has come to our attention that Bell and its subsidiaries, Virgin and Solo, are limiting email-to-text MemberDirect Alerts during high volume times and their spam detectors are blocking almost 50 per cent of important alerts from Central 1 relating to potential fraud, security risks or other events.

Central 1 Events

Member Forum & AGM 2020
Central 1 members are invited to join us for two days of interactive sessions on current and emerging issues for credit unions in Canada.
April 27 & 28
The Westin Ottawa
Ottawa, ON

Momentum 2020
Momentum is an opportunity to discuss the tremendous disruption facing the financial services industry and collaborate on collective strategies.
September 20 – 22
Parq Vancouver
Vancouver, BC
Button to Credit Union Careers
Button to Central 1's Economic Insights
Button to our Annual Research Package

Industry News

Fed delivers emergency rate cut as risks from coronavirus mount (The Globe and Mail)

TSX jumps after U.S. rate cut to combat coronavirus (Reuters)

The $900 billion write-off of 'stranded energy assets' needed to make climate targets will be one of the biggest capital shifts ever (Financial Post)

Industry News
Wells Fargo is the 3rd major U.S. bank to end Arctic oil investment (CBC)

Technology News
Is it a currency? A commodity? Bitcoin has an identity crisis (Reuters)


Industry Events

March 5, 2020 
Model Risk Management
SFU Graduate School of Business
Vancouver, BC

April 16-17, 2020 
2020 CUMA Annual Conference
Sheraton Cavalier
Saskatoon, SK

May 3-6, 2020 
National Conference for Canada's Credit Unions
Telus Convention Centre
Calgary, Alberta
Registration Opens: February 20, 2020

June 7-12, 2020
Credit Union Development Education Leadership Program

Saint Mary's University
Halifax, NS


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Central 1 Credit Union, All rights reserved.

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