Archive

In This Issue:

  1. Top Story
  2. Market Update
  3. Investment Services
  4. Payment Systems
  5. Member Center Update
  6. WesCorp News
  7. Upcoming Events
  8. Product/Service Spotlight

Top Story

False Impressions

From Dwight's February Long-Term Commentary: Equity traders entered January with optimism that a solid rebound in stock prices was in store for the month, which would then propel stocks higher for all of 2009. Instead, the S&P delivered the worst January performance on record. The combination of relentlessly negative economic reports and rising concerns on the state of the banking industry led to the dismal January.
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Market Update with Dwight Johnston

The Crown Jewels

The month of February saw the passage of the largest fiscal stimulus package in history and the announcement of the new Administration's effort at stabilizing the housing market. The stimulus program will not provide much in the way of new jobs this year; the true value in the program is in that it will provide enough aid to fund necessary safety nets (unemployment benefits and food stamps). The bill did provide some aid to states, but it fell far short of the mark to prevent job cuts at the state and local government level. We think this bill is setting the stage for "Son of Stimulus" sometime later this year, in which new money will be directed more toward those "big idea" and "big jobs" efforts.
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Investment Services

A Dialogue on OTTI

The accounting term "other-than-temporary-impairment," or OTTI, certainly has been in the news a lot lately. But just how much do you know about this controversial and often confusing subject? Recently, Overland Studios recorded a conversation explaining OTTI with Dr. Harold M. Sollenberger, Accounting Professor, Michigan State University, and Michael J. Sacher, CPA, Sacher Consulting.
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January 2009 Financials

WesCorp reported a net loss for January 2009 of $224,000 due to the affect of the unfavorable shape of the yield curve. After subsequent paid-in-capital payments to members, retained earnings decreased by $506,000 for the month. The adverse affect of the yield curve was partially offset by favorable variances in expense control and fee income.
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Payment Systems

Introducing ARC

In the ever changing world of paper conversion, WesCorp is continuing its pursuit of providing you with increased efficiencies and maintaining lowest possible operating expenses. Introducing the latest enhancement to our existing Lockbox Services: an ARC component for processing payments.
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Internet Gambling Enforcement Act Update

WesCorp would like to remind our members of a recent Code of Federal Regulations change to implement the Unlawful Internet Gambling Enforcement Act of 2006. The regulations require U.S. financial institutions participating in designated payment systems to establish and implement policies and procedures reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling.
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Member Center Update

The simple way to purchase WesCorp certificates

Buying WesCorp certificates online is easier than ever before. There are different ways to do it on the Member Center.
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WesCorp News

Online ALM Training Now Accessible at No Cost to Members

For years, WesCorp members have gained access to WesCorp's Internet-Based Training for Credit Unions: Asset/Liability Management at a reduced rate from Sheshunoff's standard pricing. As part of a continuing effort to add value for our members, we are pleased to announce that access to the training is now offered to all WesCorp members free of charge!
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Complimentary Webcasts: A Valuable Cooperative Resource

One critical component of WesCorp’s mission is to continually provide member education by utilizing cost-effective webcast technology. Last year alone, WesCorp’s Overland Studios produced 40 free webcasts at its studio in San Dimas, Calif., and at several external locations around the U.S.. The total cost savings for members and other credit unions attending these free webcasts in 2008 was more than $2 million.
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March Conference Set for Hawaii

Join us on March 17-19 for the credit union industry’s premier educational event in Hawaii—the 2009 Financial Strategies Conference. Set against the beautiful backdrop of the Hilton Waikiki Prince Kuhio Hotel in Honolulu, this conference assembles leading financial experts to discuss ways for credit unions to maximize returns while improving balance sheet management.
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Celebrating 40 Years of Serving Member Credit Unions

Mark your calendars today to attend WesCorp’s educational conference on May 18–21—the 2009 Annual Meeting & Future Forum. The event will be held at the Grand Californian Hotel in Anaheim, Calif. As the financial services landscape becomes increasingly competitive, the need for credit unions to distinguish themselves from other providers—not just banks—becomes paramount.
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Upcoming Events

See entire schedule…

Product/Service Spotlight

Lockbox

Discover how to efficiently process your remittances and deposits. Leverage an innovative solution to meet member demand while driving efficiency and cost savings.
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