Credit unions – Blog Campcee http://blogcampcee.com/ Wed, 23 Nov 2022 00:26:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Credit unions – Blog Campcee http://blogcampcee.com/ 32 32 Navy Federal ATM Limits | GOBankingTariffs https://blogcampcee.com/navy-federal-atm-limits-gobankingtariffs/ Wed, 23 Nov 2022 00:26:28 +0000 https://blogcampcee.com/navy-federal-atm-limits-gobankingtariffs/

Life is expensive, and it’s important to have access to your money when you need it, even when the the bank branches near you are all closed. If you have an account with Federal Naval Credit Union, you need to know what your ATM limits are and how to access your money. Here’s what you need to know about Navy Federal limits on ATM withdrawals and deposits.

Understanding Withdrawal Limits

Limits vary depending on your account type and the method of your withdrawal. Keep in mind that you may be subject to additional limitations for security reasons.

  • Federal Navy ATM Limits: The daily limit for Navy Federal cash withdrawals is $1,000 in cash per day. This applies to any combination of Federal Navy ATMs, other ATMs, and merchants that offer cash back.
  • Debit Card Limits: You can spend a total of $3,000 each day using your debit card.
  • Headlight check: The only checking account that has a higher limit is Flagship Check, which has a daily transaction limit of $5,000.

Keep in mind that cash and spending limits placed on accounts include all transactions on a calendar day. You can swipe your card at an ATM or at a merchant multiple times with no limit on the number of individual swipes.

What is the maximum deposit limit for Federal Navy ATMs?

You can deposit up to $10,000 per day at any Navy Federal or CO-OP network ATM. This includes both cash and Check. For cash or checks totaling more than $10,000, stop at a Federal Navy branch and deposit using the ATM line or drive-thru.

How quickly are my funds available after making a deposit?

The first $225 of your check deposit, whether at an ATM or at a branch, can be withdrawn in cash on the business day following your deposit. The remaining balance of your deposit is available after the second business day. Several factors can delay the availability of a check deposit, such as depositing more than $5,525 in one day or having multiple discovered on your account within the previous six months.

Cash deposits at Federal Navy ATMs are available immediately for cash withdrawals and on the second business day for other purposes.

What are the transfer limits on my Federal Navy account?

  • Minimum transfer amount: $5 per trade
  • Maximum transfer amount: $5,000 per calendar day
  • Transaction limit: No limit on the number of transactions you can make per day
  • Weekly limit: $15,000 in total per five business days

What other ways can I get money?

If you’ve reached your debit card and ATM limits for the day, you can still access your money using the following methods:

ask for a raise

There may be days when you need to spend more money than your daily limit allows. Call Navy Federal at 1-800-842-6328 and request a temporary increase to your daily limits. Keep in mind that these are approved on a case by case basis and may not be a long term solution.

useful advice

You can also use ATMs outside of the CO-OP network to access your Navy Federal money. However, additional charges may apply when using an ATM that is considered out-of-network.

Cash back on a debit purchase

If you have not reached your daily limit but are not near an ATM to make a withdrawal, consult a merchant nearby. Many stores and gas stations offer cash back for PIN-based transactions. Keep in mind that the limit varies from store to store.

Withdraw money from another account

If you have a separate verification Where savings account with its own debit card, you should be able to withdraw more money from that account. Transfer money using online banking, then swipe your card at an ATM or merchant to access your funds.

Stop at a branch

Even if you have reached your cash withdrawal limits at ATMs or merchants, you can still stop at a branch and withdraw cash in person. Make sure you have your ID.

Data is accurate as of November 22, 2022 and is subject to change.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

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Oregon Credit Unions Complete Global Bridges Journey with South Korean Visit | 2022-11-17 https://blogcampcee.com/oregon-credit-unions-complete-global-bridges-journey-with-south-korean-visit-2022-11-17/ Thu, 17 Nov 2022 20:09:00 +0000 https://blogcampcee.com/oregon-credit-unions-complete-global-bridges-journey-with-south-korean-visit-2022-11-17/

Last week, representatives from five Oregon credit unions traveled across the Pacific Ocean for an in-depth review of South Korea’s largest credit union system, concluding a two-year Global Bridges journey from the World Foundation for Credit Unions (WFCU) with the National Federation of Credit Unions. of Korea (NACUFOK).

Professionals from Advantis Credit Union, Northwest Community Credit Union, Oregon Community Credit Union, Rivermark Credit Union, and Unitus Community Credit Union visited NACUFOK’s headquarters and training center in Daejon, along with four of their member credit unions in Seoul and Busan.

The tour, which also included stops at several renowned cultural and historical sites in South Korea, comes six months after NACUFOK representatives visited Oregon’s credit unions.

“Global Bridges has allowed our Oregon delegation to not only connect and learn from a global leader in credit unions, but with each other as we move the movement forward together. The approach and concepts are different from what we traditionally employ in the United States, so it was a great opportunity to see their model in action and gather some new ideas,” said Steve Stapp, president and CEO of Unitus Community Credit Union.

Global Bridges enables participating credit unions to select and customize themed content that gives their teams a global context of current credit union challenges through interactive webinars, peer-to-peer engagements and conferences that add value to existing education and training programs.

“It is exciting to see the completion of our first Global Bridges journey which began in early 2021,” said WFCU Executive Director Mike Reuter. “Now that we are well beyond the COVID-19 pandemic, we hope to provide more in-person engagement opportunities to connect credit unions in different parts of the world.”

Global Bridges journeys can be delivered over a 12 or 24 month period. The program uses a versatile model to orient both new hires and give existing staff access to new global credit union experiences.

For more information, visit doglobalgood.org/bridge.

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Reach new audiences through social media https://blogcampcee.com/reach-new-audiences-through-social-media/ Mon, 14 Nov 2022 19:34:15 +0000 https://blogcampcee.com/reach-new-audiences-through-social-media/

Consumers, especially younger generations, are increasingly turning to other sources of financial information and advice.

According to a recent Diffusion survey, 34% of Gen Z consumers get financial advice from TikTok, 33% from YouTube, and only 24% from traditional banks or financial advisors. It is clear that to win and retain customers, financial institutions have a critical need to innovate and rethink their approach to consumer engagement.

Social media marketing – both paid and organic – is an opportunity for banks to meet consumers where they are and adapt to how they want to receive information. TikTok, for example, is an entertainment platform that allows organizations to present complex financial topics in a more digestible and accessible way, and appeal to consumers who want to learn more about financial services but feel anxious or confused about the process.

In fact, according to TikTok data, more than half of their users fall into this category. With this in mind, financial institutions should consider leveraging social platforms to simplify messaging and provide information to a wider audience.

Before launching a social media campaign or promotion, it is essential to know the message you want to convey and the content strategy you will use to do so. To build awareness and generate engagement, content is king. Here are five key social media marketing best practices for financial institutions to keep in mind:

Humanize your brand: Humans connect to humans, not institutions. Banks should therefore use real people in campaigns rather than more static images to humanize their message and brand. Authentic content will help banks feel closer and build a stronger connection with the viewer. Additionally, financial institutions need to balance informative and educational content with humor and creativity to engage audiences on more than one level.

Emphasize the key message from the start: Data provided by TikTok shows that 63% of TikToks with the highest click-through rate highlight the key post or product within the first three seconds of a video. Those first few seconds can make or break a campaign, so banks and credit unions should get their key messages across early.

Inclusiveness is key: The more brands inform and represent diverse communities on social media, the more likely consumers will trust them. Brands that are inclusive in their content increase their level of authenticity. For social media ads, inclusivity not only encompasses imagery, but also language, tone, and context. Maintaining an inclusive mindset throughout the process will ensure that the campaign resonates with as wide an audience as possible.

Tap into popular trends: According to data from TikTok, 21% of videos with the highest view rate take advantage of popular trends, effects or music. Banks should capitalize on trends like “a day in the life” and vlog-style TikToks to gain additional exposure.

Don’t forget the basics: Videos on social media should always be full screen (vertical) and high resolution; use music, voice-over or a combination of both; and be short, sweet and direct.

While organic social content can help financial institutions build relationships with an audience, paid social campaigns allow for more creative and messaging control. Paid social content can also drive actions and clicks to a landing page where consumers can read more information.

Beyond standalone social media campaigns, financial institutions are beginning to test the waters of influencer marketing. Influencers can share their personal finance experiences in near real time and encourage the public to do the same. This generates discussions and awareness that make financial conversations and institutions more relevant.

Influencers can be particularly impactful if engaged over a period of time. Documenting a variety of experiences allows an influencer to engage with audiences of different generations at different times and build deeper connections. Of course, influencers don’t have the same training as a certified financial advisor, so it’s important to encourage viewers to do their own research before making any financial decisions.

Going forward, financial institutions should meet customers where they are and position themselves as a trusted resource. While institutions can and should continue to deliver education through traditional strategies, they must also leverage social channels to engage with younger generations and create new communities.

Tina Seitzinger is Senior Director of Influencer Marketing and Paid Social Media at Vericast.

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Credisense partners with Mambu – ThePaypers https://blogcampcee.com/credisense-partners-with-mambu-thepaypers/ Wed, 09 Nov 2022 09:42:00 +0000 https://blogcampcee.com/credisense-partners-with-mambu-thepaypers/

Credisense, a credit decision platform, has partnered with Mambu to accelerate the modernization of lending systems in the Asia-Pacific market.

The partnership will provide lenders of all sizes with a flexible, end-to-end lending platform that supports loan origination through loan collection, all through a no-code, configuration-based technology stack. The Mambu/Credisense lending solution will help lenders reduce costs while enabling them to modernize their technology systems and launch new products and services.

The Mambu/Credisense partnership aims to provide a modern, cost-effective platform for lenders that leverages a no-code composable development approach, allowing lenders to bring new product development in-house without having to hire teams heavy in engineering. The end-to-end lending solution will benefit lenders of all sizes and will be especially useful for smaller, more localized lenders in the market.

Credisense is a cloud-native origination and decision platform. Core to Credisense is the proprietary no-code functionality enabling rapid implementation and management of the platform for enterprises ranging from banks and credit unions to telcos and commercial credit providers.

Mambu’s partnerships

It has been a successful year for Mambu as recently, in October 2022, it has extended its market reach to cloud providers Amazon Web Services (AWS), Google Cloud and Microsoft Azure. With this new platform extension, Mambu customers have the choice of a supplier based on their specific business, technical and regulatory requirements, located in the same geographic region or in a different geographic region, with no impact on availability or service levels.

On top of that, the company had a handful of partnerships to announce. It was only in September that he began to collaborate with SWK Bank and Carbon finance.

As for SWK Bank, it will bring its modular banking services in the area of ​​personal loans and deposits, while Mambu will bring its cloud-native banking platform. SWK Bank and Mambu developed the first marketable investment module in just three months.

As for Carbon Finance, the partnership will allow the company to expand its financial services by offering a full range of banking services. The first product that will be Carbon Zero, its new product Buy Now, Pay Later (BNPL).

Digitization in Asia-Pacific

The use of digital banking services by consumers in Asia-Pacific has entered an acceleration phase, fueled in large part by innovations launched in emerging markets. Nearly nine out of ten consumers in emerging and developed markets in the Asia-Pacific region are actively using digital banking services, and most of them are willing to purchase more banking services through digital channels.

The shift to digital banking has happened quickly and has likely been accelerated by existing trends – such as the increasing use of digital channels for various transactions, including banking, and the wider use of teleconferencing/calling video instead of face-to-face meetings – which have intensified during the COVID-19 pandemic.

As consumers in Asia-Pacific increasingly turn to digital channels to manage all aspects of their finances, incumbent banks need to carefully weigh the above strategic issues and chart their course. To thrive in this increasingly dynamic market, every bank will need to develop (or acquire) the technology, talent and ways of working that will enable it to develop distinctive and relevant innovations quickly and at low cost.

To learn more about Mambu, check out the company profile in the Payers database.

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American Latinos contributed trillions to the economy in 2020. So why are they so underserved by financial services? https://blogcampcee.com/american-latinos-contributed-trillions-to-the-economy-in-2020-so-why-are-they-so-underserved-by-financial-services/ Sun, 06 Nov 2022 15:32:00 +0000 https://blogcampcee.com/american-latinos-contributed-trillions-to-the-economy-in-2020-so-why-are-they-so-underserved-by-financial-services/

By Emma Ockerman

Latinos remain underserved when it comes to inclusive banking, advocates say

When it comes to banking, Mireya Olvera knows that Latino consumers want to feel understood — or, at the very least, like the person on the other end of the interaction respects them.

She’s been in this vulnerable position before. Olvera immigrated to the United States from Mexico 27 ​​years ago and, although she grew up with a father who worked for a financial institution, she remembers how afraid she was to go to banks, because of both a language barrier and his fears of not making it. understand how accounts and loans worked in the United States

Today, she is an area manager at a branch of Notre Dame Federal Credit Union in South Bend, Indiana, where she serves a predominantly Latino community. And for Olvera, truly catering to this population means offering free financial courses, lots of patience, and plenty of bilingual services; Although American-born Latinos are overwhelmingly proficient in English, only 37% of Latino immigrants are fluent in English, according to the Pew Research Center.

His credit union also offers loans at rates of 12.99% to help cover immigration costs and legal costs associated with arriving in the United States, as well as mortgages for immigrants who do not only have an individual tax identification number, rather than a social security number. Without those kinds of opportunities, immigrants could face higher rates, she said.

“Once we open the doors to the Hispanic community, and once we give them opportunities, they will always commit to paying on time,” Olvera said.

The Hispanic population in the United States has grown by leaps and bounds in recent decades to at least 62.1 million people, largely thanks to immigrants and their descendants. They are also an essential component of the American workforce, as well as the country’s small business ecosystem: A 2020 research report from the Stanford Latino Entrepreneurship Initiative found that the number of businesses owned by Latinos had grown 34% over the past few years. decade, compared to 1% for all other small businesses.

Additionally, Latinos had a total economic output of $2.8 trillion in 2020, according to a September report from the Latino Donor Collaborative in partnership with Wells Fargo (WFC). This means that if they were their own independent nation, they would have the fifth largest gross domestic product in the world, behind Germany, Japan, China and the United States, according to the report.

Yet despite being an economic powerhouse in their own right, Latinos remain woefully underserved financially, proponents say: 9.3% of all Hispanics in the United States were unbanked in 2021 — up from 12.2% in 2019, but still significantly higher than the 2.1% of whites who are still unbanked, according to a Federal Deposit Insurance Corporation survey.

According to the National Community Reinvestment Coalition, there also remains a large – albeit narrowing – gap between Latinos and whites in homeownership, as well as disparities in wealth, inheritance, education and income.

It’s no surprise, then, that Latinos are also much more likely to say they’re unhappy with banking and financial services compared to their white peers, according to a December 2021 report from McKinsey & Company.

“We have a financial system that has been structured in a way to encourage some of these inequalities that we see, where minority populations do not have access to the tools that the white majority has had access to, through which they have built their wealth,” said Pablo DeFilippi, executive vice president of Inclusiv, a network of 500 credit unions that have been certified as community development financial institutions and minority deposit-taking institutions.

In order to remedy this, the members of the Inclusiv network are trying to open a non-traditional way in terms of banking services. Many offer mortgages to people who have an individual tax ID number instead of a Social Security number, DeFilippi said. Member credit unions also offer credit-building loans so that customers may be able to access other services they may not otherwise be entitled to.

The big banks haven’t really caught up in offering these types of services, he said.

“We like to talk about financial inclusion as not just being sustainable, but as an engine of growth for financial institutions, especially small and medium-sized institutions,” DeFilippi said.

Financial Literacy

Fintech companies have also stepped up to create products specifically for Latinos. SUMA Wealth, for example, is a digital platform for young American-born Latinos that Beatriz Acevedo, co-founder and CEO of the company, worked to create during the pandemic after seeing how the community was struggling. economically, all without the kind of culture-relevant resources that could help them.

Today, the platform’s community numbers 615,000 people, she said. The company offers free financial education, as well as an app that can provide personalized financial coaching and advice in a way that might seem more accessible to younger Latinos. (The basic app, which tracks users’ savings and debt-to-income ratios, among other features, is free, while the custom aspect that comes with targeted insights and robo-coaching has a fee. subscription fee of $14.99 per month.)

SUMA Wealth also partners with employers to provide its premium product as a benefit, she said.

“To me, success means we’ve really helped shake things up when it comes to closing the wealth gap in our community, not just having a high valuation for my business,” said Acevedo.

The role of industry and government

Yet while there have been valuable conversations about financial literacy and education as a way to bring more Latino consumers into the fold, these can only go so far, according to analyst Susana Barragán. of economic policy at UnidosUS, a Hispanic civil rights and advocacy organization. organization. Many Latinos are very familiar with how the financial system works, Barragán said — they’re just more likely to face discrimination within it. It will take both industry and government to address this issue, she added.

“When we look at credit scores or access to credit in general, Latinos really show a great understanding of how the credit system works,” Barragán said. “Yet they have credit scores well below the national average, they’re much more likely to be denied access to credit, and they’re much more likely to be ‘invisible credit,’ meaning that they have absolutely no credit on file with any of the credit reporting agencies.”

A survey of 1,200 Latinos in Arizona, California and Texas, commissioned by UnidosUS and released last month, showed that 20% of Latinos had no credit history, while only 56% had a credit card. , compared to a national rate of 84% among adults. When it comes to getting extra money to cover basic expenses, 32% of Latinos said they mostly rely on loans from friends or family, according to UnidosUS.

Olvera also said addressing these issues must go beyond providing basic bilingualism and good customer service: people working in the financial services industry must be willing to stick with their customers. for the long term, offering compassion and understanding throughout their financial journey. Bilingualism also cannot be limited to communications with bank tellers alone, Barragán added: A 2017 report from the Consumer Financial Protection Bureau noted that many financial institutions said they only offer contracts and written agreements in English.

At some point in her career, Olvera said, she met two credit union members who were married and had been saving for years and years to buy a house — but all of their savings were in cash and they didn’t. had no credit history. They had also taken Olvera’s financial literacy courses.

Olvera told the couple they needed to establish credit. Two years later, they were able to apply for a mortgage and buy a house.

“Most of these stories make me feel like we have a purpose here to keep coming to work,” Olvera added.

-Emma Ockerman

 

(END) Dow Jones Newswire

11-06-22 1032ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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CDs Vs. Stock Certificates: What’s the Difference? https://blogcampcee.com/cds-vs-stock-certificates-whats-the-difference/ Fri, 04 Nov 2022 01:18:21 +0000 https://blogcampcee.com/cds-vs-stock-certificates-whats-the-difference/

Greg Hinsdale/The Image Bank/Getty Images

Both certificates deposit (CD) and stock certificates are low-risk deposit accounts where your money can grow at a fixed rate. The main distinction between them is that CDs are products offered by for-profit banks, while stock certificates are offered by non-profit, member-owned credit unions.

A CD is a type of bank account that is open for a predetermined term and earns interest at a guaranteed rate. Generally, the account holder cannot withdraw the principal from the account before the end of the term of the CD, otherwise they will incur an early withdrawal penalty. There are some types of CDs which may allow for greater flexibility, such as no-penalty CDs and replacement CDs.

CD to FDIC insured banks are insured up to $250,000 per depositor, per ownership class, per institution.

Share certificates, sometimes referred to as credit union CDs, are largely the same as CDs, except that they are offered by credit unions. Earnings on stock certificates are called dividends. Because credit unions are not-for-profit, their profits are distributed among members—who are, by nature, shareholders in the credit union—as dividends. Dividends work similarly to returns on CDs, although some credit unions may offer higher rates or lower fees due to profit sharing.

Like CDs, stock certificates are available in a variety of terms, and they generally cannot be liquidated without penalty until the end of the term. Federally insured credit unions are backed by the NCUA rather than the FDIC, but NCUA insurance still guarantees that up to $250,000 per depositor, per property class, per institution, is covered.

CD Share certificates
Offered by banks Offered by credit unions
Pay in interest Pay in dividends
FDIC insured Insured by the NCUA

To open a share certificate, you must first be a member of a box who offers them. Credit unions often serve a specific community, geographic area, type of employee, or association. Be sure to meet membership requirements if you are considering a credit union.

Some benefits of joining a credit union to understand:

  • Lower fees and higher returns: Since profits are shared among all members of the credit union, more money is funneled to members in the form of dividends and reduced fees. However, some online banks can still offer more competitive rates.
  • Community driven: Members of credit unions usually have things in common, whether it’s living in the same area, working in a similar field or being part of the same organization. As such, credit unions are often committed to serving their community and can provide essential resources and support to the community.
  • Power of decision: Each member of a credit union is also the owner of the credit union. Members have a say in the management of the credit union, including voting on board members.

If you want to join a credit union, see if there are any that are open to residents of your community. You can also find credit unions open to members of your profession or members of organizations to which you belong.

Standard CDs and stock certificates come with an important caveat: you don’t have access to the money in the account until the term is up, or you could face a hefty penalty. The reward for locking in your money for this set period is usually a higher payout than what is offered on savings accountsbut it may not be worth it if you need more cash.

Sharing CDs and certificates are useful when save for a specific goal, like a holiday fund. You can choose a term that fits the purpose, so the money is there when you need it. You will earn a guaranteed rate until the end of the term.

These are not good options for a emergency fund or for other funds that may require broader access. You generally cannot add or withdraw money from a CD or stock certificate, but you can with a savings account. While many institutions limit how often you can withdraw funds from a savings account to six times a month, you won’t be punished for withdrawing money from the account occasionally, when it is necessary.

Also, although CDs and stock certificates often have higher rates, some savings accounts offer very competitive rates. The best savings ratestypically offered on online savings accounts, may be similar to, or even higher than, CD product prices.

At the end of the line

If you’re looking for CDs or stock certificates, think about your priorities. In some cases, it may make more sense and convenience to open an account with a bank or credit union where you already have another account. But if you are looking for better yieldsit’s a good idea to shop around.

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Doernbecher Freestyle XVIII returns in person for the big reveal https://blogcampcee.com/doernbecher-freestyle-xviii-returns-in-person-for-the-big-reveal/ Mon, 31 Oct 2022 22:58:39 +0000 https://blogcampcee.com/doernbecher-freestyle-xviii-returns-in-person-for-the-big-reveal/

Doernbecher Freeestyle XVIII designers, left to right, Emerson Harrell, Dario Villaseñor Valdivia, Kylee Young, Jaren Heacock, Coley Miller and Riddhi Mahajan pose with Dana BranerDana Braner, MD, FAAP, FCCM, President of Credit Unions for Children and Professor of Pediatrics (Critical Care) at the OHSU School of Medicine, and Chief Medical Officer of OHSU Children’s Hospital Doernbecher, back left, OHSU Child Life therapy dog ​​Davis, and Director Nike Global creative, Michael Doherty, back right. (OHSU/Jordan Sleeth)

The 18th Doernbecher Freestyle Program — a partnership between Oregon Health and Science University Doernbecher Children’s Hospital and Nike — held its first in-person patient-designer sneaker reveal event on Friday since 2019, before the global coronavirus pandemic.

Six young OHSU Doernbecher patients worked closely with the expert creative teams at NIKE, Inc. to design their own collections of sneakers, apparel and gear. The big reveal, held at the Portland Art Museum, saw patient-designers show off their one-of-a-kind creations to an enthusiastic audience, followed by an auction to benefit Children’s Hospital, which provides care Oregon’s most comprehensive children’s resorts.

The highly sought-after collections represent each patient-designer’s medical journey, interests and relationships with loved ones and clinicians. Importantly, collections also provide a unique opportunity for each child to give back to the hospital that helped save their life. The full collection will be available on SNKRS, the Nike App, Nike.com and select retailers in early 2023.

Since 2004, Doernbecher Freestyle has engaged 110 patient designers and hundreds of NIKE, Inc. employees who donate their time to fulfill each patient’s design dreams. The program has produced more than 100 unique collections – including shoes, hoodies, hats and backpacks – as well as a University of Oregon Ducks football uniform, all designed by young OHSU Doernbecher patients. Alongside their individual team of NIKE, Inc. designers and developers, each collection tells a patient’s personal story of bravery, creativity, gratitude and hope.

“Freestyle is amazing, and my favorite night of this year or any year. These six kids are showing us courage, perseverance and generosity, giving back to a hospital and the people who got them through some of the toughest times of their young lives,” said Dana Braner, MD, FAAP, FCCM, Chief Physician at OHSU Doernbecher Children’s Hospital; and, President of Children’s Credit Unions, Professor and Chair of Pediatrics, OHSU School of Medicine. “Our future lies with our children, and each year Freestyle again shows that our future is in excellent hands. Thank you to everyone who makes this possible. Our children can show themselves to the world as the superstars they are because of your efforts.

Over the years, each collection has been auctioned off and sold — Nike donating 100% of retail profits to OHSU Doernbecher — to raise more than $33 million for the children’s hospital. This one-of-a-kind collaboration between OHSU Doernbecher and Nike has helped cover the cost of care for families in need, expand pioneering research that benefits children around the world, and support specialized care unavailable elsewhere in the region.

This year’s auction raised nearly $1 million to support OHSU Doernbecher’s lifesaving mission. To learn more about the Doernbecher Freestyle program, visit the OHSU Foundation website.





Coley Miller

Coley Miller, the patient designer of Doernbecher Freestyle XVIII, poses with items designed by Miller. (Jordan Sleeth)


Dario Villase or Valdivia

Doernbecher Freestyle XVIII patient-designer Dario Villaseñor Valdivia. (Jordan Sleeth)


Emerson Harrel

Doernbecher Freestyle XVIII patient-designer Emerson Harrell. (Jordan Sleeth)


Jaren Heacock

Doernbecher Freestyle XVIII patient-designer Jaren Heacock. (Jordan Sleeth)


Kylee Young

Doernbecher Freestyle XVIII patient designer Kylee Young shows off her designs. (Jordan Sleeth)


Riddhi Mahajan

Doernbecher Freestyle XVIII patient-designer Riddhi Mahajan. (Jordan Sleeth)


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Federal Home Loan Bank of San Francisco Announces Third Quarter 2022 Operating Results https://blogcampcee.com/federal-home-loan-bank-of-san-francisco-announces-third-quarter-2022-operating-results/ Thu, 27 Oct 2022 21:57:00 +0000 https://blogcampcee.com/federal-home-loan-bank-of-san-francisco-announces-third-quarter-2022-operating-results/

Federal Home Loan Bank of San Francisco

SAN FRANCISCO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Federal Home Loan Bank of San Francisco (Bank) today reported operating results for the third quarter of 2022. Net income for the third quarter of 2022 was $80 million, an increase of $9 million from net income of $71 million for the third quarter of 2021.

The $9 million increase in net income over the prior year period was primarily due to an increase in net interest income of $37 million, partially offset by a decrease of $15 million in other income/(loss) and an increase in provision for credit losses of $9 million.

  • The $37 million increase in net interest income for the quarter reflected a $479 million increase in interest income, which was driven by higher yields on interest-earning assets, primarily in due to rising interest rates on growing advance balances. The increase was partially offset by lower net gains on designated fair value hedges. The increase in interest income was offset by a $442 million increase in interest expense due to higher funding levels and interest expense.

  • The $15 million change in other income/(loss) was primarily due to a $27 million increase in net fair value losses associated with qualifying non-hedging derivatives and financial instruments carried at fair value. This increase in fair value losses is mainly due to valuation changes created by market volatility and the growth of the Bank’s short-term advances funded by economically hedged consolidated bonds, which was offset by a decrease in net fair value losses of $13 million on trading securities that matured since the third quarter of 2021.

  • The $9 million increase in the provision for credit losses for the quarter was largely due to lower fair values ​​and discounted expected cash flows of certain private label residential mortgage-backed securities.

As of September 30, 2022, total assets were $108.5 billion, an increase of $54.4 billion from $54.1 billion as of December 31, 2021. Advances increased to $65.7 billion as of September 30, 2022, compared to $17.0 billion as of December 31, 2021, a $48.7 billion, as member demand for primarily short-term advances increased. The increase in total assets also includes an increase in total investments of $5.9 billion, to $41.7 billion as of September 30, 2022, up from $35.8 billion as of December 31. 2021. The increase in investments primarily reflects an increase in liquidity-related instruments, including increases in Federal funds sold for $7.3 billion, US Treasury securities for $3.0 billion and deposits bearing interest for $1.3 billion. This increase in investments was partially offset by a decrease of $3.5 billion in securities purchased under resale agreements and mortgage-backed securities of $2.2 billion.

Accumulated other comprehensive income decreased by $319 million in the first nine months of 2022 to $12 million at September 30, 2022 from $331 million at December 31, 2021, primarily reflecting the decline in fair values ​​of investment securities classified as available for sale, which mainly reflects the increase in market interest rates during the first nine months of 2022.

As of September 30, 2022, the Bank was in compliance with all regulatory capital requirements. The Bank exceeded the risk-based capital requirement by $855 million with $7.3 billion in permanent capital and exceeded the regulatory requirement by 4.0% with a regulatory capital ratio of 6.7 % as of September 30, 2022. The decrease in the regulatory capital ratio to 6.7% from 10.9% as of December 31, 2021, is mainly attributable to an increase in total assets. Total retained earnings increased to $3.9 billion as of September 30, 2022, from $3.8 billion at the end of 2021.

Today, the Bank’s Board of Directors declared a quarterly cash dividend on the average share capital outstanding during the third quarter of 2022 at an annualized rate of 7.00%. The quarterly dividend rate is consistent with the Bank’s dividend philosophy which strives to pay a quarterly dividend at a rate of between 5% and 7% annualized. The quarterly dividend will total $54 million and the Bank expects to pay the dividend on November 10, 2022.

Financial Highlights

(Unaudited)

(in millions of dollars)

Selected balance sheet items at the end of the period

Sep 30, 2022

December 31, 2021

Total assets

$

108,507

$

54 121

Advances

65,658

17,027

Mortgages held for the portfolio, net

834

980

Investments, net1

41,661

35,768

Consolidated bonds:

Obligations

35,446

22,716

Discount Notes

62,046

23,987

Capital stock – Class B – Putable

3,322

2,061

Unrestricted unrestricted earnings

3,222

3,124

Restricted retained earnings

708

708

Accumulated other comprehensive income

12

331

total capital

7,264

6,224

Other data selected at the end of the period

Sep 30, 2022

December 31, 2021

Regulatory capital ratio2

6.69

%

10.89

%

Three months completed

Nine month period ended

Selected operating results for the period

Sep 30, 2022

Sep 30, 2021

Sep 30, 2022

Sep 30, 2021

Net interest income

$

157

$

120

$

386

$

403

Provision for/(Reversal of) credit losses

9

9

(8

)

Other income/(loss)

(18

)

(3

)

(31

)

(50

)

Other expenses

41

38

117

116

Affordable Housing Program Evaluation

9

8

23

25

Net income/(loss)

$

80

$

71

$

206

$

220

Three months completed

Nine month period ended

Other data selected for the period

Sep 30, 2022

Sep 30, 2021

Sep 30, 2022

Sep 30, 2021

Net interest margin3

0.63

%

0.85

%

0.68

%

0.92

%

Average return on assets

0.32

0.49

0.36

0.50

return on average equity

4.52

4.34

4.09

4.59

Annualized dividend rate4

6.00

6.00

6.00

5.65

Average equity/average assets ratio

7.16

11:32 am

8.81

10.78

1. Investments include fed funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under resale agreements.
2. The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B share capital and mandatorily redeemable share capital (which is classified as a liability), but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of September 30, 2022 and December 31, 2021 was $7.3 billion and $5.9 billion, respectively.
3. Net interest margin is net interest income (annualized) divided by average interest-earning assets.
4. Cash dividend declared, accrued and paid during the period, on the average share capital outstanding during the previous quarter.

Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative that helps local lenders in Arizona, California and Nevada build strong communities, create opportunity and change lives for the better. The tools and resources we provide to our member financial institutions (commercial banks, credit unions, industrial loan companies, thrifts, insurance companies and community development financial institutions) promote home ownership, expand access to quality housing, start or sustain small businesses, and revitalize entire neighborhoods. Together with our members and other partners, we make the communities we serve more vibrant, equitable and resilient.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to the Bank’s dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking words, such as “endeavour”, “will” and “expect”, or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risks or uncertainties that actual results could differ materially from those expressed or implied by such forward-looking statements or could affect the extent to which any objective, projection , an estimate or prediction is made, including future dividends. These forward-looking statements involve risks and uncertainties, including, but not limited to, the risk factors set forth in our annual reports on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission, as well as regulatory and accounting adjustments or requirements; the application of accounting standards relating, among other things, to certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values ​​of financial instruments; allowance for credit losses; future operating results; the withdrawal of one or more large members; and high rates of inflation and increases in interest rates which may adversely affect our members and their customers. We undertake no obligation to publicly revise or update any forward-looking statements for any reason.

CONTACT: Contact: Chris Hammond, (415) 616-3763 hammondc@fhlbsf.com
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The state of the Canadian economy and whether a recession is a “necessary evil” https://blogcampcee.com/the-state-of-the-canadian-economy-and-whether-a-recession-is-a-necessary-evil/ Mon, 24 Oct 2022 08:00:00 +0000 https://blogcampcee.com/the-state-of-the-canadian-economy-and-whether-a-recession-is-a-necessary-evil/

Like a convertible rolling down the highway, what was a scorching economy shows signs of tapping on breaks.

As pandemic restrictions have been lifted over the past 12 months, all of the pent-up demand for shopping, travel and overall spending has started to spill over – with rising inflation to save levels.

Now, with each passing day, there is more and more talk about the need for economic cooling, which is why a looming recession could be imminent.

Finance Minister Chrystia Freeland is already Attention of “tough days ahead” for the economy, while some financial experts suspect there is a 70% chance of a recession and it could happen in early 2023.

All of this speculation about a recession brings up painful memories of what many felt in the 1980s and again during the financial crisis some 15 years ago. These were deep recessions with ripple effects across the country and in businesses large and small.

A recession this time around isn’t meant to be that bad, rather a reset or pause in growth to curb runaway inflation, supply chain issues and labor shortages.

No one wants a recession, but experts say it may be the remedy needed to get back to what people normally expect when looking for a job, buying a home or planning their monthly household budget. .

There are many ways to judge the health of the economy and its direction, so here’s a look at some of the key indicators and what they show.

The economy is at a standstill

At this point, the country’s economy is probably no longer growing, but not shrinking either. Instead, it’s at an inflection point. A potential calm before the storm clouds arrive.

Unfortunately, the most recent data is from July, so it’s a bit dated. economy increased slightly this month, but continued the trend of minimal growth after good momentum in the first half of the year.

Many people are starting to cut their expenses. Retail spending is up, but that’s probably because of inflation. Basically, people don’t buy more, they just have to pay more for what they buy.

The latest retail sales figures are for August, which show an increase. Still, economists say retail sales have likely peaked and they see signs that consumers are starting to cut back on spending amid escalating inflation and borrowing costs.

“I watch retail sales a lot,” said Charles St-Arnaud, chief economist at Alberta Central, which represents credit unions in the province.

“If we go into a recession, it will come from the consumer side,” he said.

The business community is pessimistic

Take a look at how stock markets have fared this year and you’ll quickly know what investors and the business community think of the economy.

Stock markets are reacting to all the economic gloom and investors to anticipate there is more pain to come.

The TSX has lost more than 12% since the start of the year, while major US stock markets have lost even more value.

General business sentiment has softened, according to a recent Bank of Canada survey, with many companies expecting slower sales growth and a majority saying a recession is likely in the next 12 months. Manufacturing activity also fall.

Jeff Bezos, Founder of Amazon said it’s time to ‘batten down the hatches,’ says Goldman Sachs CEO David Solomon there is “more volatility on the horizon” and a probable recession.

WATCH | Why former Bank of Canada Governor Mark Carney thinks a recession is likely:

“A recession is both likely globally and more likely in Canada,” says Mark Carney

Former Bank of Canada and Bank of England governor Mark Carney told a Senate of Canada committee that Canada is likely to enter a recession next year, but will be better off than many other countries and would rebound faster.

Ask for help

As a trucking and logistics company, the Mullen Group, headquartered in Okotoks, Alberta, is enjoying one of its best years since its inception in 1949. The fortunes of the company are changing with the ‘economy.

While companies have struggled to find enough workers this year, many have caught up, including the Mullen Group, which is now fully staffed, including enough lorry drivers. There is no need to hire more people as the company is starting to experience a bit less demand for its services, especially from the retail sector.

“We’re seeing cracks, we’re seeing some slowdown, we’re seeing consumers being a little more cautious right now with their spending,” chief executive Murray Mullen said.

“Recessions are a time to pause and restore balance,” he said. “Sometimes it’s a necessary evil.”

The economy can’t always keep growing, says Mullen Group CEO Murray Mullen, which is why recessions are sometimes necessary. (Kyle Bakx/CBC)

Canada added 21,000 jobs last month, pushing the unemployment rate down to 5.2%.

“We are literally in the tightest labor market we have seen in decades and at the same time prices [are] really high. So you really don’t want to have what we call a wage inflationary spiral“said George Jia, associate professor of economics at the University of Prince Edward Island.

Unstable housing market

As mortgage rates have climbed this year, home prices have fallen in many parts of the country.

In fact, average sales and prices have tumbled.

Average selling prices are down more than 20% from February’s record high and down 6.6% from last year. The number of sales is down more than 30% compared to a year ago.

“Canada’s economy has been partly driven by the boom in the housing market for some time now,” said Jia, who advises people to pay attention to the overall health of the industry, beyond the real estate figures.

The boom in the housing market has helped propel Canada’s economy, which is why UPEI economist George Jia pays attention to the homebuilding industry as he assesses the health of the economy. (George Jia)

After a surge in construction in 2021, housing starts are down about five percent in the six largest cities in the first half of this year.

Like the stock market, the state of the housing market can often indicate the direction the economy is heading.

stay afloat

It seems like every month people are in even more of a rush. As the cost of living has increased, including grocery prices and mortgages, some people are unable to pay their bills.

The number of insolvencies remains quite low, but they’re going up and there are other signs of lingering problems.

In recent months, there has been a sharp increase in the number of consumer proposals — renegotiation with creditors to repay debts — which suggests an increase in the number of households struggling with debt management.

It’s no secret that many people take a financial hit to their wallets, primarily due to inflation and rising borrowing costs. Given the high levels of household debt in the country, some experts predict that bankruptcy rates will continue to rise.

Canada’s economy is at a standstill, says Charles St-Arnaud, chief economist at Alberta Central. (Kyle Bakx/CBC)

For St-Arnaud, with Alberta Central, the question is whether the strength of the labor market and the huge amount of savings accumulated during the pandemic, which he estimates at $320 billion, will provide some relief from the challenges financial issues that many face.

“We are already starting to see households reduce their level of savings to maintain their level of spending,” he said. “If there is a big increase in the unemployment rate, then more households will have more problems.”

WATCH | Threat of recession in Canada:

Canada will face economic difficulties in the coming months, according to the International Monetary Fund

The International Monetary Fund’s chief economist warns that Canada will face economic challenges in the coming months as concerns loom over a possible recession.

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Tech CU crosses the Idaho border – virtually https://blogcampcee.com/tech-cu-crosses-the-idaho-border-virtually/ Fri, 21 Oct 2022 19:00:19 +0000 https://blogcampcee.com/tech-cu-crosses-the-idaho-border-virtually/
Source: Adobe Stock.

Technology Credit Union has opened its first branch for members outside of California — or at least virtually.

San Jose, Calif.-based Tech CU ($4.3 billion, 159,733 members) announced Oct. 14 the opening of a new virtual branch for Boise, Idaho, and elsewhere in Southwest USA. Idaho. It won’t count as a new physical branch, but Tech CU President/CEO Todd Harris said it’s the first expansion outside of traditional credit union boundaries.

“Treasure Valley, and Boise in particular, have been our focus for several years now,” Harris said in a press release. “Not only are the people who live there super friendly, but it’s a thriving tech hub with a rapidly growing population and a high concentration of respected employers, making it an ideal location for Tech CU.”

Todd Harris Todd Harris

Tech CU had 10 branches as of June 30, unchanged from a year ago. Nine of its branches are in Silicon Valley: seven in San Jose and elsewhere in Santa Clara County and two in neighboring Alameda County. Its only outpost is in San Francisco County.

A Tech CU press release said the virtual branch is designed to give members “the same personalized, highly tactile, face-to-face banking experience they typically receive in person, from the comfort of their own homes.”

Members can make an appointment to speak with a virtual banker Monday through Saturday as early as 30 minutes from the time of online scheduling. They can make credit card and loan applications, troubleshoot account or debit card issues, apply for savings, and handle other banking issues.

“Consumers are used to doing a lot of things virtually now, and banking is no exception,” said Robert Reed, director of retail banking at Tech CU. “We have spent the last year and a half refining our virtual branch model across our membership area and are confident that we can deliver the same in-person experience our members have come to expect virtually.”

robert reed robert reed

NCUA data showed credit unions have expanded their branches in the west and south faster than elsewhere in the country. Idaho had 242 branches as of June 30, a net increase of four in the prior year and 13 since March 2020.

Ask by CU time, “Why Idaho, why now?” Harris responded via email Wednesday that the answer goes back to the credit union’s roots in Silicon Valley.

A significant number of Tech CU members are tech professionals, he said. And tech companies continue to expand in other regions, including Seattle, Portland, Austin, and southwestern Idaho. According to Wikipedia, this area is called the Lower Snake River Valley, but it was also dubbed “Treasure Valley” by business leaders in 1959.

“We found that many members tend to move with their employer,” Harris said. “It’s not uncommon for us to have a member who has lived in multiple tech hubs over the past 10 years.”

“Realizing that our members are mobile – relative to technology-centric markets – it makes sense for us to be present in these types of geographies,” he said. “After doing a lot of research, reviewing the competitive landscape and looking at market opportunities, we knew Treasure Valley would be a good market for our first expansion outside of California.”

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