Corporate Central hosts successful Economic Outlook Conference virtually
MILWAUKEE, WI (October 21, 2020) — Corporate Central hosted its annual Economic Outlook Conference virtually this year. On Tuesday, October 13 and Wednesday, October 14approximately 150 credit union professionals from 20 states across the country logged in to participate in the webinar series.
Understanding the challenges many credit unions are facing this year due to the pandemic, the corporate decided to waive registration fees for participants. “Our goal is to help credit unions grow and prosper,” said Chris Felton, President/CEO of Corporate Central. “During these uncertain times, we realize credit unions are facing many challenges. The Economic Outlook Conference allows us to look towards the future in the only way we can, collaboratively. We wanted to offer all credit unions the opportunity to participate in this conference.”
The annual event offered credit union-specific economic insights and covered issues related to the pandemic, fiscal policy, market opportunity, risk management, and growth planning. Speakers also discussed trends impacting the industry.
“We greatly appreciate our expert speakers for their time, insights, and advice, and we equally appreciate all who attended,” Felton added.
Speakers and topics covered included:
- Roger Tutterow, Ph.D., Professor at Michael J. Coles College of Business at Kennesaw State University, presentedon the economic, business, and political climate on a global, national, and regional level.Tutterow also covered recent developments on the effect of COVID-19 on the retail sector and real estate, the causes and effects of the recent changes in energy prices, the structure and effect of recent fiscal stimulus, and the linkages between trade policy and currency valuation.
- Clare Zempel, CFA, CBE, Principal of Zempel Strategic, shared his insights on whether the economic recovery will happen slowly and falteringly or sharply and progressively from its deep COVID-19-induced springtime shutdown. Zempel also addressed the Federal Reserve’s unprecedented stimulus and the political climate. He shared relevant facts and how he interprets them to answer questions important to credit unions in the years ahead.
- Charles Dougherty, Vice President and Economist at Wells Fargo Securities, LLC, provided his insights on the economic outlook in the U.S. He provided an in-depth review of current conditions and insights into how the U.S. economy is expected to perform in coming months. He also covered key elements of the national economy, including prospects for GDP growth, the housing market and banking sector, as well as expectations for the path of interest rates.
- Mike Schenk, Deputy Chief Advocacy Officer and Chief Economist at CUNA, spoke about how big disruptions magnify and accelerate change. The COVID-19 pandemic and related economic crisis have underscored this point at credit unions in many obvious ways. Schenk shared his thoughts on what changes are likely to be temporary and which may be permanent. He reviewed research from the consumer packaged-goods (CPG) industry and explored five key trends that could be game-changers for the movement.
The two-day event concluded with a panel discussion moderated by Kevin Chiappetta, CFA, SVP Investment Services at Corporate Central. The panellists discussed how each of their credit unions were handling the deposit surge, if or when they considered loan participations, and how they plan to prepare budgets and strategies for 2021 while dealing with a pandemic. The group of progressive credit union leaders included:
- Beth Ellis, VP of Finance & IT
The Wisconsin Credit Union League in Madison, WI
- David Murphy, VP Finance and Risk
Marshfield Medical Center Credit Union in Marshfield, WI ($75 M)
- Niki Schaumberg, CFO
Fox Communities Credit Union in Appleton, WI ($2.1 B)
- Ryan Balts, VP-Finance
Royal Credit Union in Eau Claire, WI ($3.2 B)
- Keith Peterson, CFO
Summit Credit Union in Madison, WI ($4.2 B)
“Our first year hosting this conference as a virtual event felt like a great time to introduce a panel discussion,” said Chiappetta. “The responses and discussion generated by the group were well received by attendees. I cannot thank our panelists enough for their insight.”
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About Corporate Central Credit Union
Corporate Central Credit Union is a federally insured financial cooperative built on the values of commitment to service, fiscal responsibility, and respect for the individual. We cultivate a culture of respect, ethics, teamwork, and innovation. We are " Helping Members to be Wildly Successful" by delivering industry knowledge and expertise to help credit unions achieve their strategic objectives and compete in today’s evolving financial services industry. We are motivated to passionately serve our members and strive to learn, create, and innovate daily. Please visit corpcu.com to learn more, and follow us on LinkedIn, Facebook, Twitter, and YouTube.