NCUA Issues Risk Alert Warning of DDoS Attacks
ALEXANDRIA, Va.-Responding to the increased threat of denial-of-service (DDoS) attacks on financial institutions, NCUA last week issued a risk alert (13-Risk-01) aimed at improving cybersecurity among credit unions. "As the goal of DDoS attacks is causing service outages rather than stealing funds or data, typical network security controls-such as firewalls and intrusion detection and prevention systems-may offer inadequate protection," the risk alert said.
The agency urged CUs to perform risk assessments to ID risks associated with DDoS attacks; ensure incident response programs include a DDoS attack scenario during testing and address activities before, during and after an attack, and perform third party due-diligence.
Two More CUs Named As Defendants In Patent Suits
BUFFALO, N.Y.- Three more credit unions were sued in federal court last week by a New York patent holder that claims they are infringing on patents relating to their processing of transactions through their ATMs, the latest in a growing list of credit unions targeted by patent claims. The new claims were filed by Automated Transactions LLC against Buffalo Service CU, Buffalo Community FCU and Erie Metro FCU. The suits follow similar infringement claims filed in December against New England FCU and Heritage Family CU. Automated Transactions also has sued more than two dozen banks over the past two years. In the new suits, Automated Transactions claims infringement from the processing of ATM transactions through the Internet. Credit Union Journal had extensive coverage of the issue in the Jan. 21 issue.
CU Miracle Day Wins Rights
WASHINGTON-Credit Union Miracle Day, in cooperation with CUNA and NAFCU, has secured the naming rights of the USA Track & Field Women's 10 Mile Championship designation for the Credit Union Cherry Blossom Ten Mile Run being held on April 7 in Washington. The championship name will say it is "Presented by America's Credit Unions" (see related story, page 64). For info: www.miracleday.org.
Members Sweet On Loan
DUNCAN, Okla.- It took just 30 minutes for Halliburton Employees' FCU to fund the first $500,000 of its 0.99% Valentine's Day loan special. The "Sweetheart of a Deal" planned to allow the first $500,000 in loans funded on Feb 14 to receive an annual percentage rate of just 0.99%. The remainder of the day all other approved loans received a rate of 1.99%. After the funding on those first loans was done the credit union actually funded $598,000 at the 0.99% rate, and finished the day with $768,000 funded with the 1.99% APR, for a total of 61 loans funded at $1.4 million.
NCUA Funds Get Clean Audit
ALEXANDRIA, Va-NCUA said last week its four permanent funds have received unqualified, or "clean," audit opinions for 2012. The audit covered the NCUSIF, the Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.
CURoots Transferred To League
ONTARIO, Calif.- As expected, the membership of the CURoots Cooperative has approved the transfer of the ownership of CURoots to the California League Services Corp. The sale and transfer of assets will be finalized on Feb. 28. The date is also when the California and Nevada Credit Union Leagues will assume operation of CURoots, whose services include shared compliance and specialty internal audit services. All current compliance and audit services/contracts will continue uninterrupted. All member credit unions of the two Leagues will be eligible for CURoots' preferred member pricing as of March 1, and the $20,000 membership purchase no longer will be required.
Tiny Detroit CU Liquidated
DETROIT- The Michigan Office of Financial and Insurance Regulation has liquidated Amez United CU in Detroit and appointed NCUA as liquidating agent. AUCU had $168,865 in assets.
$4K To Be Awarded By OnPoint
PORTLAND, Ore.- OnPoint Community Credit Union, founded as Portland Teachers Credit Union, will award $40,000 to local educators and their schools, including paying the mortgage for two teachers for one school year, as part of its annual OnPoint Prize for Excellence in Education contest. The contest will recognize one K-8 teacher and one 9-12 teacher as Educators of the Year.
In Other News
$150K To Endow Scholarships In Name of Former CEO
LIVE OAK, Texas-Randolph-Brooks FCU has donated $150,000 to create the Randy M. Smith Endowed Scholarship at the Alamo Colleges, named for the recently retired president of the $5-billion credit union. The gift represents one of the largest endowed scholarships in operation at the Alamo Colleges Foundation. The first scholarships will be awarded for the fall 2013 semester.
Liberty Bay CU Names Ed Lopes As New CEO
BRAINTREE, Mass.-Liberty Bay CU has named Ed Lopes, the head of $125-million Grafton Suburban CU, as president/CEO of the $625-million CU. Lopes will succeed Kenneth Dyer, who was president of Liberty Bay for 10 years. Lopes will be succeeded on an interim basis at GSCU by CFO Terry Dorilas and COO Martha Dean, who will share the duties of CEO.
