The Hub: News & Events for March 3

View this email in your browser 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 Industry News Economics 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 IMPACT2020 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     Have some credit union news or events? To submit items email newslist@central1.com *please include an URL to the requested item Copyright © 2018 Central 1 Credit Union, All rights reserved. Unsubscribe from The Hub The Hub is brought to you by Member & External Communications. Questions or feedback regarding The Hub? Email communications@central1.com. Unsubscribe from all commercial messages from Central 1  Please note: this option will remove you from all future Central 1 communications. Should this message not be applicable to you, we encourage you to unsubscribe from this list only.

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