Catalyst News

Despite NCUA Chairman Rodney Hood’s best efforts to push off the impending CECL transition, it appears January 1, 2023 remains the effective date of compliance for most credit unions – and that means, now is the time for credit unions to prepare.

Catalyst Corporate announces several recent changes to its board of directors and committees.

“The COVID-19 pandemic has accelerated several underlying trends in financial services, especially mobile person-to-person (P2P) payments. But, many credit unions are still watching these shifts from the sidelines.” So says Joe Sullivan, CEO and Founder of Market Insights, Inc. – a consulting firm with expertise in market assessments, delivery optimization and strategic planning.

The chief executive of a leading management consultancy recently likened the COVID-19 pandemic to tripping a circuit breaker that subsequently required a reset. In March 2020, Catalyst Corporate – like many credit unions – hit the reset switch. Although the past 12 months unfolded much differently than expected, Catalyst Corporate remained focused on its strategic plan and delivered strong results for its membership, according to President/CEO Bruce Fox.

The Coronavirus Response and Relief Supplemental Appropriations Act of December 27, 2020, authorizes a second round of Economic Impact Payments (EIPs) to be made by the IRS by January 15, 2021. Release of ACH files to financial institutions was set to begin as early as December 30 or 31, for settlement this first week of January.