Trusted News for Credit Union Leaders
Credit Union Times
AUGUST 1, 2018 | VOL. 29 | NO. 26 | CUTIMES.COM
FOCUSREPORT:
CREDIT &
DEBIT CARDS
Savvy CUs know debit and
credit card portfolios generate
a digital gold mine of member
data. In this Focus Report,
learn how to develop valuable
card data analytics programs
from four experts. Y6
Card Program
Considerations
Learn four
benchmarking
basics. Y10
Card Portfolio
Trends
Penetration
grows, but so
does risk. Y8
Must Reads
MANAGEMENT
Monitoring Employee Hours
Properly drafted and applied
time-rounding policies will
help employers stay out of legal
trouble.
On May 1, the California Supreme Court held oral arguments in the highly anticipated
Troester v. Starbucks case currently pending before the U.S.
Court of Appeals for the Ninth
Circuit. The Ninth Circuit deferred ruling while it awaits the
California high court’s critical
decision on whether the federal
Fair Labor Standards Act de minimis rule – on which employers
frequently rely – applies to wage
claims under the California Labor Code.
Although that decision could
have wide-ranging consequences for California employers, it
should not significantly impact
the use of time-rounding software to record employee work
time even if the court concludes
that the de minimis doctrine
does not apply to Labor Code
claims of unpaid wages.
Time-Rounding Software
and Practices
Gone are the days of manual
time cards. Most employers use
some form of electronic work-force-management system to
create employee schedules and
to track hours. These systems
can record employee work time
down to the minute, or can be
programmed to round the time
in increments of five, 10 or 15
minutes. For example, Y15
MARKETING
Iowa CU Faces Name Controversy
niversity of Iowa Community Credit Union
president/CEO Jeff
Disterhoft believes the
decades-long controversy over
the cooperative’s controversial
name finally came to a head because of its size and success, and a
lawyer who owns shares in a bank.
The long-simmering naming is-
sue finally reached a climax when
state politicians passed legislation
signed by Governor Kim Reynolds
in May that forced one of Iowa’s
most successful financial institu-
tions to change the name it has
had since 1938.
Though the name change will
cost UICCU more than $2.5 mil-
lion, it won’t change its core com-
mitments to deliver top services
and products that have fueled the
credit union’s exceptional growth
in assets, loans and members over
the last decade. The legislation
will also require the $22 million
University of Northern Iowa Cred-
it Union in Cedar Falls to change
its name, which it has held since
1955.
“I think the fact that we have
grown in size relative to most of
our banking counterparts here in
the state of Iowa probably catches
some people’s attention,” Dister-
hoft reflected. “And quite frankly,
if we weren’t enjoying the suc-
cess that we’ve had over the years
and taking care of Iowans,
PETER STROZNIAK
pstrozniak@cutimes.com
Y16
2018’s
Worst
Breaches,
So Far
CYBERSECURITY
ROY URRICO
rurrico@cutimes.com
t 2018’s halfway
point, there were 668
breaches representing almost 23 million
records exposed, according to reports from the San Diego-based
Identity Theft Resource Center
and Providence, R.I.-based Cy-berScout (formerly IDT911).
The number of U.S. data
breaches tracked through July 2,
2018 was less than 2017’s half-year
high total of 791. However, this
year, the approximately 22. 5 million reported records exposed so
far is almost double the 12. 4 million records reported breached
last year at this time (which came
before Equifax’s 145.5 million exposed records).
Here’s how the breaches broke
down by industry category:
• Business = 46%
• Medical/Healthcare = 27.1%
• Banking/Credit/Financial = 12.6%
• Government/Military = 7.3%
• Educational = 6.7%
What qualifies as a breach?
“The ITRC defines a data breach
as an incident in which an individual name plus a Social Security
number, driver’s license number,
medical record or financial record
(credit/debit cards included) is
potentially put at risk be- Y18
