Trusted News for Credit Union Leaders
AUGUST 5, 2015 | VOL. 26 | NO. 28 | CUTIMES.COM
1990 2015
FOCUSREPORT:
BOOMER SERVICES
Between preparing for retirement, caring for aging parents
and sending kids to college, baby boomers face looming
responsibilities. Learn what credit unions can do to make
their financial lives easier in this Focus Report. Y8
Must Reads
CYBERSECURITY
Quick DDoS Attacks Emerge
Distributed Denial of Service attacks result in damaging consequences, perhaps most notably
lowered customer confidence
and lost revenue. And this year,
a new DDoS trend has emerged
that is making them even scarier
– they’re going undetected, with
96% of attacks taking place in
less than half an hour and some
lasting just a few minutes.
A DDoS Trends and Analysis
Report from the Hudson, Mass.-based Corero Network Security highlights this new trend
in DDoS attack activity: Quick-hitting DDoS attacks and partial
link saturation attacks.
Targeted DDoS attacks are
also growing quickly. Within
each vertical market, there are
variations in the motivations behind DDoS attacks, including cy-ber terrorism, political or ideological intentions, fraud, ransom,
monetary gain, data exfiltration
attempts and even competitive
advantage gains. The drivers are
endless, and the attacks keep on
coming.
The published data points derived from large-scale DDoS attacks represent only a fraction of
DDoS traffic that organizations
face on a daily basis, according to Corero, and the company
said these new, short bursts of
damaging DDoS attack traffic require more monitoring than prolonged events do.
“There have been many unat-tributed breaches, and the large
financial organizations Y16
LENDING
Single Card Manager Strategy Delivers
he $1.6 billion,
148,000-member
ORNL Federal Credit
Union saw its credit
card balances climb by 63% in the
past three years, according to the
NCUA’s records, as well as execu-
tives from the credit union and
the St. Petersburg, Fla.-based pay-
ments CUSO PSCU.
ts secret? ORNL FCU put a
single manager in place to
oversee the program.
The Oak Ridge, Tenn.-
based cooperative also saw its
credit card accounts nearly dou-
ble since it adopted a single man-
ager strategy in 2012, increasing
from 13,000 ac-
counts at the end
of 2012 to 25,000
accounts as of
June 2015, accord-
ing to the NCUA’s
records.
The credit union
sold its card portfolio in 2001 and returned to
card issuing in 2008, according
to Credit Card Program Manager
Zain Hashmi.
Hashmi, who has worked
The Rundown
Y ORNL FCU appointed a single manager
to oversee its credit card program during
a 2012 relaunch.
Y The credit union enlisted PSCU’s Advisors Plus for campaign assistance.
Y Four recent credit card campaigns saw
a 2.56% response rate and brought in an
average of $507,000 each.
Y18
DAVID MORRISON
dmorrison@cutimes.com
Hashmi
MBL Changes
The NCUA’s proposal marks a change
in regulatory
philosophy. Y12
Trailblazer 40
Below
Mario Mejia grows
membership
through community outreach. Y6
NCUA
Document
Dump Fails
to Satisfy
ELIZABETH PEACE
epeace@cutimes.com
CUA transparency,
and the question of
whether the agency
is willing to be more
transparent, has been a hot topic for several years for NAFCU,
CUNA, NASCUS and, perhaps
most notably, NCUA Chairman
Debbie Matz and Board Member
Mark Mc Watters.
McWatters has lashed out at
the NCUA, stating it has become
much less transparent since Matz
became chairman. However, Matz
said in the last few months, she
has made significant improvements in the transparency department. She even told Congress so,
and promised that the agency’s
line-by-line budget items and
overhead transfer rate documents
would be posted to its website.
The following day, they were indeed online.
But after the NCUA posted the
documents, many still asked: Is
this enough?
NASCUS President/CEO Lucy
Ito said the NCUA’s overhead
transfer rate documents further
prove the agency needs to hold
public hearings and comments
on the OTR. That call for more input from credit unions came after
an unredacted version of Y17
REGULATION
