This year’s Economic & Payments Forum came with a few announcements and crucial insights into the challenges credit unions may face due to the current economic environment.
Among the speakers were Greg Michlig, Chief Engagement Officer at CUNA, and SteveGreg Michlig Forum Rick, TruStage Chief Economist. Michlig spoke to the proposed CUNA/NAFCU merger into a sole entity named America’s Credit Unions, while Rick gave a captivating and timely economic forecast.
CUNA/NAFCU merger
Announced earlier in the year, Greg Michlig gave an update on the CUNA/NAFCU merger activities. Members of both organizations have until November 1 to vote on the merger.
CUNA’s CEO Jim Nussle will head the combined organization if the vote passes, but the leadership team has not been defined yet, Michlig said. However, NAFCU and CUNA have worked together to create 11 different “workstreams” that are necessary to create the most effective organization possible.
Michlig praised the collaborative model as being particularly effective. “What do they have and what do we have, and what are the best things that we can bring together to make America’s Credit Unions the best possible association for credit unions?” Leaders from both organizations were selected to lead these workstreams and combine what they believe will create the most effective plan forward.
Steve Rick’s economic forecast
Steve Rick, Chief Economist at TruStage, gave a particularly well-received presentation because of the frank outlook on the economy and how it directly impacts credit unions.steve-rick
“There is stress in the market, indicative by the large bank failures earlier this year, but the stress is also present in the credit union space.”
Catalyst Corporate wants to inform its international service users of an important update regarding check processing for Australian Dollar (AUD) funds.
Effective November 1, 2023, Catalyst’s international check processing provider will discontinue acceptance of items drawn on Australia for Cash Letter or Collection. This change will not impact check processing for other countries.
To ensure a successful transition for our credit unions, Catalyst is adjusting its check processing as follows:
Deadline for acceptance
Catalyst will accept items in AUD funds through Friday, October 20, 2023. This will provide sufficient time for processing and ensure your transactions are handled effectively. After October 20, 2023, Catalyst will no longer accept items drawn on Australia for Cash Letter or Collection. Please plan your transactions accordingly to avoid any processing disruptions.
To ensure a seamless transition, Catalyst recommends that you review your current processes and update them to support these changes.
Catalyst understands the significance of this change for your operations. We are committed to providing you exceptional service during this transition period and ensuring your check processing needs are met efficiently. If you have any questions, please contact our Member Services team.