Corporate Connection E-Magazine

That means we’re celebrating you, we’re celebrating us, we’re celebrating our movement, our members and our communities. In fact, this day is for everyone who is touched in some way by a credit union.

Why do we celebrate ICU Day?

Beginning in 1948, credit unions have come together annually on the third Thursday in October to commemorate the credit union movement’s history and achievements. This year, we celebrate 74 years of International Credit Union Day and the theme chosen, “Empower Your Financial Future with a Credit Union,” speaks to how there are still 1.4 billion people across the globe who are unbanked. Credit unions truly have the perfect business model to empower their financial future.

ICU Day 2022 is a celebration of the impact credit unions and other financial cooperatives have made, and continue to make, for their members. It is also a chance to be thankful for the lives and communities that have been improved by our movement.

Whether our members are affluent or less fortunate, from villages or cities, in communities at peace or in conflict, credit unions are present across cultures and languages, helping members turn hopes and dreams into reality. With access to a safe, convenient place to save their money and secure affordable loans, members from all walks of life can realize their dreams and create new opportunities for themselves, from starting micro-businesses to building homes and educating their children. Once again, “Empower Your Financial Future with a Credit Union” rings true!

What ICU Day Means to Vizo Financial

Vizo Financial was created with the intention to serve you – our members. Since then, our goal has always been the same: to meet your financial and back-end processing needs and to provide you with opportunities that enable your institution and your members to succeed.

We also want to look beyond ourselves and our local communities to recognize credit unions and other financial cooperatives for the important role they play worldwide. Together, credit unions are helping members overcome incredible challenges, consistently carrying on the traditions set forth by our founders and exemplifying the values of thrift, self-sufficiency and democratic leadership.

With these things in mind, we’re getting ready to bring ICU Day to the forefront in our organization with games, education and storytelling. Most importantly, though, we’re sharing our appreciation for the 86,000+ credit unions in 118 countries over the world serving 375 million members.

Sharing is Empowering

Let ICU Day empower your credit union and all those you serve to keep telling stories and sharing the goodness of credit unions on this very special day. Follow our festivities on Twitter with the hashtag #ICUDay, and don’t forget to post yours as well! After all, the more we can spread understanding and awareness of the credit union movement, the more empowered we all become!

With the addition of the credit union movement’s eighth cooperative principle of diversity, equity and inclusion (DEI), the holiday season takes on a whole new meaning – one that not only promotes, but also celebrates all belief systems and traditions.

The holidays are fast approaching, to say the least, so now is the time to start preparing for the many celebrations that lie ahead and ensure that you approach each and every one with a standpoint of inclusivity reminiscent of our eighth cooperative principle.

Here are a few ways to bring the holiday spirit to life, DEI style!

Embrace all holidays celebrated by staff and members. While one employee may celebrate their Jewish heritage with eight days of Hanukkah festivities, another may share in all the celebrations associated with the Christian Christmas holiday. The truth is, there are many holidays that are represented at the very end and early beginning of each year – Boxing Day, Kwanzaa, Christmas, Hanukkah, Ōmisoka, Yule and more. Any number of these could be part of your employees’ and members’ holiday traditions – celebrate one, celebrate all!

Turn celebrations into learning opportunities. Not only do you promote DEI when you recognize everyone’s holiday beliefs, but it also provides an opportunity to learn about other religions, cultures and customs. Encourage staff to share the traditions associated with those holidays: What do they traditionally do with families and friends around these holidays? What foods do they eat? Is there a religious/spiritual practice at the center of the holiday that others can learn from? The holiday season provides an opportunity for us to learn more about each other. And learning about each other helps us understand each other more deeply – building relationships, as well as working and collaborating more effectively.

When it comes to parties, be mindful. Holiday parties are a quintessential workplace tradition in and of themselves. And with the pandemic, virtual celebrations have become more common. Regardless of how your staff attends, the important thing is to be mindful when choosing decorations, food options, games and activities, etc. Don’t exclusively use one holiday’s color schemes over another, or force everyone to participate in gift exchanges, as they may not align with everyone’s beliefs. If you’re having food and drinks, make sure to take dietary restrictions and preferences into account. For example, a Christmas ham may not appeal to everyone, so provide alternatives or even consider separating certain offerings. Those little pieces of inclusivity make all the difference.

Incorporate “concern for community” into your celebrations. The holidays are a special time for everyone. Regardless of which one(s) each person celebrates, the holidays are generally characterized by giving to others, being kind, spending special moments with loved ones and so on. And while the backgrounds are all different, you can unite everyone in holiday celebrations by incorporating one of our movement’s cornerstones – concern for community. Center your celebrations around doing good for others in the community, whether that means gathering winter attire for those in need or making a meal for a local shelter. Donations and volunteer opportunities give a spark of holiday cheer to all who participate, no matter which religion or holiday a person identifies with.

It's true that DEI in the workplace is necessary all year long, but the holidays are a special time that create a need for special considerations. Show your employees and members that their beliefs matter, especially during this extraordinary time of year. As American essayist, Hamilton Wright Mabies, once said, “Blessed is the season which engages the whole world in a conspiracy of love.”

It’s going to be a wonderful, but big, change in how payments exist on a much more widespread scale than we’ve ever seen before. And in that mindset, credit unions should be researching, planning and making preparations for the big day when the FedNow Service finally goes live.

As your Corporate, we want to help make the launch of the FedNow Service, everything leading up to it and everything that comes after as smooth as possible for our membership. Therefore, we’ve compiled a list of some resources we think credit unions should check out.

FedNow Explorer

This website is home to many educational resources about the FedNow Service. From videos to guides and everything in between, there are tons of places to find more information about the impending instant payments service. Explore the resources on your own or follow a path that has been curated especially for you based on your institution type, specific areas of interest in the service and more. Here are a few places you’ll definitely want to check out within the FedNow Explorer:

• Welcome Plaza – learn more about the FedNow Service in general, as well as the other resources within FedNow Explorer.
• Technology Tower – find out about technologies related to the FedNow Service and what your institution will need to have in place for the launch and beyond.
• Showcase Theater – see what service providers (from core providers to corporate credit unions – like us – and everything in between) will be offering the FedNow Service in 2023.
• News Center – get all the latest information and updates about the FedNow Service from this news hub.
• Use Case Arena – read about different situations where the FedNow Service will be applicable as a helpful payment solution.
• Operating Center – find the FedNow Service operating procedures and periodicals here.
• Features Gallery – get a rundown of the FedNow Services’ features and functionality.
• Instant Payments University – read articles on a variety of topics to become better educated about the FedNow Service and how it works.
• Community Center – learn how to become part of the FedNow Service community and all the resources that come with it, such as FAQs.
• Planning Office – get tips and suggestions on how to prepare your institution for the coming of the FedNow Service in 2023.

Our tip: FedNow Explorer has a lot of great videos to help you visualize the FedNow Service and the impact it will have on your credit union, as well as your members. Do yourself a favor and watch as many as you can!

FRB FedNow Service Page

If you want to go directly to the source behind the FedNow Service, head over to the Federal Reserve’s website! They have a page dedicated to the FedNow Service that’s packed with FAQs, blog posts, instant payment education, product sheets, press releases and more.

Our tip: Many of the resources on this page also link to FedNow Explorer, so check them both out for optimum knowledge building!

Vizo Financial’s Blog

As a participant in the FedNow Service Showcase and advocate of instant payment solutions for credit unions, we’ll be sharing more information before, during and after the launch of the FedNow Service. We currently have two blog posts about the FedNow Service that can provide some insight into the instant payment solution. We’ll announce more as they’re available, so check back frequently or join our Vizo Financial Plugged In notification list to receive updates on our latest blog, forum and podcast!

Our tip: On the blog homepage, click Search in the top menu and enter “FedNow” in the Search bar. This will help you find the articles quickly because nobody wants to be stuck scrolling all day, right?

Upcoming Webinar

We’re hosting an upcoming webinar in November to help credit unions learn more about the FedNow Service and what they can do to prepare for the launch. The webinar, Is Your Organization Ready for the FedNow Service in 2023?, will be led by a representative from the Federal Reserve Bank of Chicago on November 1 at 2:00 p.m. ET. Use the link above to learn more about the webinar and to register!

Our tip: Write down any questions you have so you can ask them during the webinar. The speaker is from the Federal Reserve, after all, and will be a great source of information for your inquiries!

The FedNow Service is going to do great things for both consumers and credit unions in the realm of simplified and instant payments. To get the very best out of this innovative payment solution, we encourage your credit union to stay informed and knowledgeable and keep the FedNow Service top of mind.

Victory Junction’s Run to Victory

Vizo Financial acted as a Victory Lane sponsor for the 2022 Run to Victory 5k/10k/fun run event to benefit Victory Junction. This year’s event offered both in-person and virtual participation options to help raise money for Victory Junction, a NASCAR-themed camp located in Randleman, N.C., that serves children dealing with serious medical conditions and chronic illnesses. Their mission is to enrich the lives of children with serious illnesses by providing life-changing camping experiences that are exciting, fun and empowering, at no cost to children or their families. Vizo Financial also organized a team of staff who participated in the walk/run/roll event. In all, the 2022 Run to Victory raised $101,641!

Financial Reality Fairs

Vizo Financial staff volunteered at two Financial Reality Fairs hosted by Belco Community Credit Union in October. The first was on October 6 at Big Springs High School in Newville, Pa., and the second will be held on October 20 at Greenwood High School in Millerstown, Pa. Financial Reality Fairs are an interactive financial education experience for students. This hands-on experience allows students to identify their career choice and starting salaries, then complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing and food. Additional expenditures such as entertainment and travel are factored in as well. It’s always a good time introducing students to credit unions and helping them dive deeper into financial literacy.

Day of Service

Vizo Financial just held our Day of Service on October 10, 2022. Staff had the opportunity to volunteer at one of several events being offered at each campus. Following a morning of volunteer activities and camaraderie, staff enjoyed some lunch and reflection on our efforts to demonstrate the credit union movement’s cooperative principle of “concern for community.” Organizations we supported during this year’s Day of Service included:

• Harvest Hope Food Bank
• Oliver Gospel Mission
• BackPack Beginnings
• Second Harvest Food Bank
• Children’s Miracle Network (CMN) Hospitals
• Hospice of Central Pennsylvania
• Central Pennsylvania Food Bank
• American Cancer Society
• Caitlin’s Smiles
• Hershey Gardens
• Bethesda Mission
• Love the Hill
• The Caring Cupboard
• The Cracked Pot
• Hello Neighbor

Here’s what’s coming up:

International Credit Union Day

International Credit Union Day will be here on October 20! This year's theme is "Empower Your Financial Future with a Credit Union." To celebrate our movement, we will be sharing stories from our recent Day of Service, engaging in credit union education and games and, of course, sharing our favorite stories of how credit unions have made an impact in our everyday lives. We hope you feel empowered to share your ICU Day celebrations with the world as well – we’ll be looking for them on Twitter with hashtag, #ICUDay!

WalletPalooza

Vizo Financial is making a financial donation towards the CrossState Credit Union Foundation’s WalletPalooza fundraising event. Staff will have an opportunity to purchase raffle tickets to win a wallet filled with a variety of gift cards. The drawing will be held in December 2022. The CrossState Credit Union Foundation changes people’s lives by promoting financial education, professional development, disaster relief and credit union relevance.

Radiothon for Duke Children’s

The 28th annual Children’s Miracle Network (CMN) Hospitals Radiothon to benefit Duke Children’s in North Carolina will be held on December 13-14, 2022. Vizo Financial will be a Spirit of Hope sponsor again this year. Last year, the CMN Radiothon raised $642,990 for Duke Children’s!

Joe Bertotto, chief culture officer, Vizo Financial
October 25 at 2:00 p.m. ET

Over the last 38 years, authors Jim Kouzes and Barry Posner have been researching the art and science of leadership by interviewing managers on their personal best leadership experience. Based on data from over 7,000 interviews, they have developed a framework which leaders can use as an operating system to create a positive work environment and engage their teams. This operating system is comprised of five practices:

• Model the Way
• Inspire a Shared Vision
• Challenge the Process
• Enable Others to Act
• Encourage the Heart

The application of these five practices is filled with nuance and details. Join Vizo Financial’s chief culture officer, Joe Bertotto, a certified coach in The Leadership Challenge Feedback Assessment (LPI 360), as he provides useful insight in how to get the most of these practices as you lead your team.

Register Now

Joni Everhart Hopkins, vice president, Federal Reserve Bank of Chicago
November 1 at 2:00 p.m. ET

Will your organization be ready to capitalize on instant payments when the FedNow Service arrives in 2023? This service will enable financial institutions and other service providers to offer innovative instant payments solutions that support a broad range of transaction types and use cases for businesses and consumers alike. Join Joni Hopkins, vice president of Federal Reserve Financial Services, to learn about the FedNow functionality, use case opportunities and research on U.S. instant payments demand. Plus, learn about resources available today to help your organization embrace instant payments transformation with an actionable strategy for FedNow Service implementation.

Register Now

Mark Clarke, business continuity administrator, Vizo Financial
November 2 at 2:00 p.m. ET

A tabletop exercise is a walk-through of emergency procedures with your credit union’s key personnel about what could happen in a real-life incident. This live tabletop will test your credit union’s plans with a “mock” real-world example. How will your team handle the situation? Are you prepared?

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Fred Eisel, chief investment officer, Vizo Financial
November 15 at 10:00 a.m. ET

The Fed has been very aggressive in tightening monetary policy, by increasing overnight rates to close to three percent and beginning to allow their balance sheet to shrink. The markets continue to debate how far the Fed will go in trying to control inflation, and if their aggressive stance puts the U.S. economy in a recession. Join Fred as he provides an update on the current economy and what to expect in 2023 with regard to rates, the Fed and the overall economy.

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Cindy Hagan, compliance and fraud risk director, Vizo Financial
November 17 at 2:00 p.m. ET

They say age is just a number. But for scammers, age is an opportunity to prey upon a person’s vulnerabilities. That’s why older individuals are most at risk for financial exploitation, and it costs millions (yes, millions) of dollars per year in losses for these individuals. You may be wondering what your credit union can do to help your members fight back against elder financial abuse. That’s what this session is all about! Cindy will walk you through common signs, schemes and suspects to help your staff and your members armor up against elder financial abuse.

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Jessica Lelii, assistant director of education, Macha/PAR
November 29 at 2:00 p.m. ET

International ACH Transactions (IAT) have specific handling requirements which are mandated by the Nacha Operating Rules and OFAC. This session will give you step-by-step procedures on how to handle your IAT entries, focusing on suspect and return entries. Proper handling of IATs can save your financial institution time and money along with minimizing your risk.

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Mike Umscheid, president / CEO, ARCSys
December 6 at 2:00 p.m. ET

Are you counting down to the official implementation of the new CECL rule? It may be right around the corner, and you may have already poured a lot of time and research into your preparations, but that doesn’t mean there isn’t still more to learn. Like anything else, CECL is bound to evolve and make accommodations for a financial future that we have yet to experience. What your credit union can do to be ready for any changes that come about is to educate your staff on and incorporate best practices for CECL. Join us as we discuss some of the most useful best practices you can implement now and use to your advantage as CECL transforms in the future.

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Payments Conference

October 18-19, 2022 - Virtual Event

Well, it’s clear that Vizo Financial’s 2022 Payments Conference checks a lot of boxes! And with the landscape of payments changing at such a rapid pace, an educational event of this kind is one that will pay off for your credit union.

The virtual conference will be held on October 18-19, 2022. During these two days, attendees will be invited to participate in multiple education sessions on everything from instant payments and the FedNow Service to ACH and beyond.

Register Now

Leadership Workshop

December 8, 2022 - Virtual Event

What makes a leader? According to John C. Maxwell, “a leader is one who knows the way, goes the way and shows the way.” Vizo Financial’s 2022 Leadership Workshop is designed to help you find the way to effective leadership skills and workplace culture. That way, you can show it to your credit union team and make your institution a place of true servant leadership.

This highly interactive workshop will feature our chief culture officer, certified Gallup Strengths Coach and best-selling author, Joe Bertotto. He’s invested much of his life in learning the path to leadership and helping individuals such as yourself find the secrets to happy workplaces.

Join Joe and your peers for this event that will talk about leveraging employee strengths, embracing servant leadership, building an engaged workforce and more! Before the workshop begins, participants will receive a code to complete the CliftonStrengths assessment, as well as a copy of the book that will be used in the workshop. The workshop will be highly interactive so all attendees can put their new leadership skills to the test. It’s time to learn the way, go the way and show the way with the 2022 Leadership Workshop!

This virtual session will be held via Zoom. Participants are required to complete an assessment prior to the workshop, be on camera with audio for the virtual session and actively participate in the workshop activities.

Register Now