Thursday, February 25, 2021

When selecting your website provider you should be taking an in-depth look at a third party's Disaster Recovery and Business Continuity plan!

A big part of doing your duediligence, should be taking an in-depth look at a third party's Disaster Recovery and Business Continuity plan. You should be asking when was the last time it was tested? What were the results? Can you get a copy? At we take this very seriously.

Since our headquarters are located in beautiful Miramar Beach, on the Gulf Coast of Florida, we actually get to test out our plan a few times a year. Any named storms that decide to roll through town allow us to go right into our business continuity plan. It's one of the reasons we chose our second fully staffed location to be in Nashville (different grid, climate, live music, hot fried chicken, etc...)

The servers that run our over 400 websites are located throughout America in the Northeast, Central (ahem, Texas) and the Pacific Northwest. We have a 4th location in Europe just in case. In the event that any of these were to become unavailable, our websites would still be up and available.

For several of our CreditUnions that were affected by these recent storms we were the only form of communication, because many of the branches were down too. Hundreds of banners, pop-ups, social media posts and email communications kept those members informed as to what was going on.

For more information contact; 

Josh Gallo P:917-402-7720

Fed will not be raising rates any time in the near future!

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the central bank will not start raising interest rates until it believes its goals on maximum employment and inflation have been reached.

Powell also warned that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs.

As he did before the Senate Banking Committee on Tuesday, Powell told the House Financial Services Committee that the Fed is in no hurry to raise its benchmark short-term interest rates or to begin trimming its $120 billion in monthly bond payments used to put downward pressure on longer-term rates.

Financial markets, which had begun to wane Tuesday on fears that higher inflation might trigger an earlier-than-expected tightening of credit conditions by the Fed, rebounded on Powell’s comments.

That trend extended into Wednesday with the S&P 500 index rising more than 1 percent.

Powell said the Fed does not see any indication inflation could race out of control. While price increases might accelerate in coming months, Powell said those increases are expected to be temporary and not a sign of long-run inflation threats.

He said the central bank would not start to trim its $120 billion in monthly bond purchases until “substantial further progress” has been made toward the Fed’s goals on inflation and employment.

Hikes in the Fed’s benchmark interest rate, now at a record low of zero to 0.25 percent, will not occur until the Fed has seen inflation reach its 2 percent target and run slightly above that level, with employment falling to a level viewed as maximum employment, he said.

Powell has noted recently that, while the official U.S. unemployment rate in January dropped to 6.3 percent, the actual rate is closer to 10 percent when taking into account the millions of people who have given up looking for a job.

Even as the job market improves, a portion of the 10 million people still out of work may find it hard to get new jobs, he said. He attributed that to the changes brought on by the pandemic in such industries as retail services and tourism.

In many cases, the jobs people left may no longer be there, which will mean those workers will need access to job retraining to find work in other areas, Powell said.

The House is expected to take up later this week President Joe Biden’s proposed $1.9 trillion relief measure, which includes stimulus payments of up to $1,400 for individuals and expanded unemployment benefits and support for state and local governments.

Republicans have attacked the measure as too expensive and unnecessary given growing signs that the country doesn’t need further support. Democrats, however, have argued that with nearly 10 million still out of work compared to a year ago, further support is needed.

Powell repeatedly refused to take a position on Biden’s proposal, saying that it was up to Congress and the administration to decide.

While repeating his comment in his Senate testimony that he believes the economy is a “a long way from our employment and inflation goals,” Powell did agree with that there have been some encouraging signs that the economy could accelerate further as new COVID-19 cases decline and vaccines are more widely distributed.

Some private forecasters have said the overall economy might grow at a rate of 6 percent or better this year, after having shrunk 3.5 percent last year, the worst performance since 1946. GOP lawmakers pressed Powell to say whether he thought such a growth rate was possible, but he refused to be pinned down to a specific target for gross domestic product growth.

“There is a reason for optimism in the second half of the year if we get the pandemic under control,” Powell said.

Wednesday, February 24, 2021

Tim Harrington's Doorways to Success

Introducing the Doorways to Success Series: Financial Mastery

So, what do Bob Ross and Tim Harrington have in common? More than you’d think! They both paint and they both make difficult things seem much easier.

The Financial Mastery series is a new approach to learning credit union financials, which are a requirement for all credit union board members and a tremendous value for all those who rely on ratios and balance sheets to keep the credit union running. The TEAM Resources Doorways to Success Series: Financial Mastery is a series of five videos taught by Tim Harrington, CPA. Tim has an international reputation for his ability to communicate complex financial concepts into plain language and images. Train your entire board with one purchase.

This video series captures the true dynamic of a Tim Harrington class.

This is NOT a recorded PowerPoint with audio or a podcast with handouts. It’s definitely NOT a webinar. This series captures on video the real energy and style of Tim’s teaching. It’s fair to say that Tim is the “Bob Ross” of credit union financials!