Five strategies for reinventing your credit union during the crisis
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As leaders, we all feel torn right now. We yearn for normalcy and to be able to do what has worked for us previously. That could be the annual planning retreat, regular in-person and virtual board meetings, lots of internal meetings with staff and partners, and fostering an organizational culture that rewards results and celebrates milestones. But wait, we’re still in a crisis, right? Should we be focused on “mission-critical” priorities or should we be talking about how our world has changed and then move with speed to reinvent the way we do business?
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More Than 110 Organizations Will Participate in the FedNow Pilot Program
The
US Federal Reserve has announced that more than 110 organizations will participate in the FedNow Pilot Program.
FedNow is a payments initiative to speed up payments and transfers. A consultation with a variety of stakeholders took place in 2018 with the concept of FedNow emerging as a new interbank real-time service seeking to support instant payments in the United States.
Esther George, President and CEO of the
Federal Reserve Bank of Kansas City and executive sponsor of the Federal Reserve’s payments improvement initiatives, stated:
“We’re gratified by the industry’s tremendous interest and willingness to devote time and energy to help us develop the FedNow Service. As a result, we’ve adjusted to accommodate more participants than we originally planned.”