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B.C.’s ongoing recovery to persist through 2021 and beyond, but slow growth scenario expected

Posted on September 9, 2020

B.C.’s ongoing recovery to persist through 2021 and beyond, but slow growth scenario expected Vancouver, B.C., September 9, 2020 – HIGHLIGHTS B.C.’s economy to contract by 6.1 per cent in 2020 with a recovery trend lifting growth to 4.0 per cent in 2021 Moderate economic growth of 3.4 per cent forecast in 2022 and 2.2 per cent in 2023 Economic...

FirstOntario Credit Union Reaffirms their Commitment to Central 1 as Digital Banking Partner of Choice

Posted on September 9, 2020

Central 1’s Forge Digital Banking Platform offers Canadians a seamless digital user experience designed to keep financial institutions on the cusp of innovative trends VANCOUVER, BC, September 9, 2020 – Central 1 is pleased to announce that FirstOntario Credit Union has officially entered a new multi-year commitment on the Forge Digital Banking Platform, further establishing Forge as the digital solution...

Take part in Central 1 People Solutions’ 2020 Canadian Credit Union Compensation Survey

Posted on September 3, 2020

Central 1 has launched our annual Canadian Credit Union Compensation Survey on a new platform and we’re asking all credit unions to take part. The information collected will be compiled and made available in the 2020 Canadian Credit Union Compensation Report(s) later this year. Information and data protection continues to be a top priority at Central 1. That’s why this...

Central 1 and ASAPP partner to deliver Integrated Account and Lending Origination for Forge Digital Banking Platform Clients

Posted on September 3, 2020

VANCOUVER, BC and TORONTO, ONT, September 3, 2020 – Central 1 and ASAPP Financial Technology are partnering to release a new widget utilizing the Forge Archetype 2 (secure authenticated container) format, in support of the ASAPP 11.0 account and lending origination product release. This contribution will simplify certain activities such as new account setups and loan applications, making for a...

Cancelled: Momentum 2020

Posted on September 2, 2020

In consideration of the guidelines outlined by the public health authorities, Central 1 has decided to cancel this year’s Momentum Conference. All Central 1 in-person events and conferences have been suspended for the foreseeable future. The health and well-being of our employees, members, clients, and communities are a top priority for Central 1. Although we cannot gather in-person at the...

Sales growth to cool but fewer new listings will keep housing market tight and prices firm

Posted on August 26, 2020

Toronto, O.N., August 26, 2020 – HIGHLIGHTS Home ownership market on fire this summer but set to cool off Home sales to decrease by 2.9 per cent in 2020 before rebounding by 5 per cent in 2021 Housing starts – currently tracking 14.7 per cent above last year’s pace – set to decline by 1 per cent in 2020, before...

Central 1 reports 2020 second quarter financial results

Posted on August 21, 2020

VANCOUVER, B.C., August 21, 2020 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit after tax of $72.0 million for the second quarter (Q2) ended June 30, 2020, compared to a profit after tax of $12.7 million in the same period in 2019. Following the extreme widening of credit spreads in the first quarter of 2020, Central 1’s second quarter financial performance was positively impacted by a significant narrowing of these spreads, which led...

A tempered and uncertain recovery begins in Ontario

Posted on June 11, 2020

Toronto, O.N., June 11, 2020 – Ontario faces an uncertain economic recovery as it gradually resumes business activity amidst a COVID-19 induced recession which saw 1.1 million jobs lost in Ontario between January and April, according to Central 1 Regional Economist Edgard Navarrete. In Central 1’s latest Ontario Economic Analysis, Navarrete outlines that the province’s annual real gross domestic product...

Central 1 reports 2020 first quarter financial results

Posted on May 22, 2020

VANCOUVER, B.C., May 22, 2020 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a loss after tax of $67.0 million for the first quarter (Q1) ended March 31, 2020, compared to a profit after tax of $25.1 million in 2019. Central 1’s Q1 financial performance has been adversely affected by the monetary actions taken by central banks...

Central 1’s confirmation as Lynx participant means seamless transition to new high value payments system

Posted on May 21, 2020

Central 1 Credit Union (Central 1) has been confirmed as a day one participant in Lynx – Canada’s new high-value payments system which will replace the Large Value Transfer System (LVTS) in 2021 – ensuring no interruption to wire payments for the Canadian credit union system. All 16 current LVTS participants were required by Payments Canada to undergo an exercise to...