Corporate Social Responsibility

The Corporate Social Responsibility (CSR) scorecard below details the scope and depth of our community activities in 2014. We are grateful to our employees, our community partners and our members for their continued trust in NASA Federal Credit Union and their faith in our shared mission.

In 2014, NASA Federal and our more than 250 employees delivered the following benefits:

 

CSR Infographic2

 

 

 

 

 

 

 

 

2014 Annual Membership Report

Investing in You as We Grow

2014 was a record-breaking year for NASA Federal. Thanks to the loyalty and advocacy of our members, we welcomed our 100,000th member and reached nearly $1.5 billion in assets.

We have come a long way since 1949, when we embarked as a fledgling credit union with only $175 in assets and seven founding members. Today, our heritage with NASA and the expansion of relationships with the National Space Society and many others have enabled the advancement of the NASA Federal Advantage across the country.

While our growth has been impressive, our focus and purpose remain unchanged. Each day, we endeavor to deliver better value, state-of-the-art convenience, and top-notch service for the benefit of our members. As we embark on 2015, we’re pleased to report that we will continue on this path, improving, innovating, pushing forward, and exploring new ways of investing in you.

Record-Breaking Growth

As we reflect back on 2014, it is important to remember that behind the numbers are members who bought their first cars, purchased their dream homes or started saving for retirement. These are individuals with real needs, and NASA Federal is proud to have helped and served them.

  • Nearly 19,000 new members joined NASA Federal in 2014, bringing total membership to over 103,000, a 14% increase over 2013.
  • We originated $300 million in new consumer loans, with total loans outstanding at year-end of $1.1 billion.
  • Net Income of more than $19 million enabled us to continue to support our growth and invest in our membership.

By year-end, Total Assets had increased by 17% over 2013 to reach nearly $1.5 billion. Total Reserves, a measure of NASA Federal’s safety and soundness, reached $162.9 million, while our Net Worth-to-Asset Ratio was 10.98% as of December 31, 2014.

Improved Benefits

Along with record-breaking growth comes the opportunity to invest in new and enhanced products and services. Our goal continues to be to provide best-in-class solutions designed to meet members’ unique needs, when they need them met, all delivered with exceptional service.

To that end, our nationally-recognized mortgage programs made responsible home ownership possible for hundreds of members throughout 2014. We originated over $171.9 million in first and second mortgage loans. Homebuyers chose NASA Federal because of our 100% financing with no Private Mortgage Insurance; our new Family Mortgage program designed for parents who wish to help their children obtain their first homes; personal service; and educational tools such as Home Advantage.

At the same time, our members enjoyed communication and connectivity enhancements. These benefits included a quicker, more secure telephone experience, as well as an integrated online and in-branch account opening and lending system. These enhanced offerings continue our commitment to delivering a simple, expedited process from application to funding.

Finally, NASA Federal’s lower interest rates on loan products, as well as low-fee and fee-free products and services, once again returned real value to our members. In fact, the Credit Union National Association’s most recent report estimates that NASA Federal provided over $10 million in direct financial benefits to its members when compared to other financial institutions. This is a 14% increase over 2013.

Community Investment

During 2014, NASA Federal was proud to support organizations making a difference in the lives of individuals. More than simply making donations, we aspired to make philanthropic investments that created measurable impacts.

NASA Federal continued to make unique contributions in financial literacy. We offered seminars that reached over 1,040 attendees on subjects including financing college, organizing records, protecting your family and assets, identity theft, and mortgage basics.

At the same time, the tireless efforts of our Credit Union Team generated over $42,000 in philanthropic donations in 2014. Causes included the Special Olympics, Children’s Miracle Network and the Leukemia and Lymphoma Society. Additionally, we donated 2,600 pounds of non-perishable food items to local community food banks. And, through the annual Mitchell-Beall-Rosen Memorial Scholarship, the Credit Union awarded $21,000 in scholarships to outstanding student members to help cover tuition and fees at the colleges of their choice. The overwhelming spirit of volunteerism demonstrated by our employees toward these causes was one of our greatest accomplishments of the year.

Lastly, as a responsible organization with a long-term outlook, we reduced our environmental footprint by 230 metric tons by lowering our energy consumption and using 10% less paper. We also sponsored shred events that resulted in the eco-friendly, secure destruction of nearly 20 tons of unneeded personal information.

Looking Forward

Throughout 2015, we will remain dedicated to continuously improving the products and services that benefit you and ultimately help you better and simplify your financial life. Our initiatives include:

  • Enhancing members’ digital banking experiences through new releases to Mobile Banking and eBranch Online Banking.
  • Providing increased security and fraud protection by implementing cutting-edge chip card technology on our credit and debit cards.
  • Simplifying your payment experience with your phone by making Apple Pay™ available.

2014 was indeed an exceptional year. Our strong financial results, enhanced products and services, and ongoing dedication to giving back are key components of the Credit Union’s strategy to return value to members and the communities we serve. We’re pleased that 2015 will be filled with even more exciting opportunities to empower our members to achieve a brighter financial future.

All of us at NASA Federal—your volunteer Board of Directors, management and every employee—thank you for your membership and the ongoing participation and success you brought us in 2014. Most importantly, we thank you for the continued opportunity to serve you.

John Sissala, Chairman
Robert Lively, Treasurer
Doug Allman, President/CEO

Supervisory Committee Report

The Supervisory Committee is responsible for ensuring that the Credit Union’s Board of Directors and management establish practices and procedures to properly safeguard members’ assets. The Committee is also responsible for obtaining the annual financial statement audit from a licensed, independent auditor to ensure that the Credit Union’s financial statements comply with generally accepted accounting principles and fairly represent the financial condition of NASA Federal Credit Union. In fulfilling these responsibilities, the Committee appointed the independent certified public accounting firm of CliftonLarsonAllen LLP, which directly reports to the Committee.

In addition, we held quarterly meetings to, among other things, review internal audit services, internal controls and risk management processes and examinations by regulatory agencies.

We are pleased to report that the annual audit conducted by CliftonLarsonAllen LLP for 2014 was completed successfully, and NASA Federal Credit Union’s financial statements were certified as fairly and appropriately presented, and in accordance with Generally Accepted Accounting Principles, on March 18, 2015. The Supervisory Committee concurs with this assessment.

Karen White
Chairman, Supervisory Committee

Income Statements

2014 Growth

 

Smartphone Malware is Rising Quickly. Are You Prepared?

Smartphones have become the norm when it comes to mobile phone devices. Long gone are the boxy cellular telephones with the protruding antennae of the 1970s and even the small, but less functional flip phones of the 1990s. And remember the mobile phones that came with a case the size of a backpack?

As nice as it is to reminisce, it’s important to realize that with more functionality and computer-like abilities, smartphones are also becoming bigger targets for malware developers and pesky cybercriminals who are set on getting your money.

Kaspersky Security has done some research and found that the percentage of malicious applications installed on mobile devices between January and October 2014 is on the rise and rapidly. The numbers range from .01% of all apps installed in Japan to well over 2% in Vietnam, the highest on the list. The U.S. ranked number 20 of 24 countries evaluated at .07%

Not surprisingly, the number of malicious apps has increased from around 1 million in early 2012 to over 120 million in the last quarter of 2014. While Trojans stealing banking credentials and malicious adware are rising up the popularity chain, the more “old-fashioned” malware installed from games or other software and text messaging to premium numbers still make the chart. It is probably not surprising that Russia pops up in conversations about malware. Russia is often used as a testbed for mobile banking malware developers before distributing them to other countries. In the same period, Kaspersky reports that for every 501-1200 mobile malware infections in the U.S., there are between 1201 to 14,000 in Russia. The fewest mobile banking malware infections occur in South America, Africa, and Australia.

Besides installing anti-malware and keeping it updated on your mobile devices, you can also avoid it by not sideloading apps onto your smartphone. This is when they are downloaded from a location other than the official app stores. The app stores have extra security measures to help prevent malicious programs from entering the stores. Although it is not guaranteed, due to the sheer volume of apps that are in them, it is an extra layer provided that is not there when you download from other places.

While we are on the topic of sideloading, this is allowed on Apple devices if they are jailbroken. This opens your device up to additional risks because some of the inherent security tools are no longer working for you the way they were designed. Android devices have more flexibility with regard to downloading applications and even more if they are rooted. Therefore, it’s advised not to jailbreak or root your smartphones.
If you want or need to download something to your smartphone, do some research on the app first. If it contains something malicious, the reviewers will state as much. Also, be aware of apps that cost money but don’t actually do anything. The reviews or a quick search for news on the app in a search engine should provide you with some information on the app.

We text more than we talk these days, it seems. So cybercriminals are also taking advantage of our anti-social behavior and exploiting text messages. Often, they will send malicious code via link in a text message or perhaps in an attachment. So, don’t open those when they arrive unless you are certain they are legitimate. Otherwise, you may end up sending a lot of money to a premium number renter because the app placed malware on your phone called repeatedly. You also may get some nasty messages from your friends and contacts because that same piece of malware also sent spam texts to everyone in your contact list.

So it is perhaps more important than ever to stay ahead of the game by securing your smartphones, using security tools available, and not falling for social engineering tactics such as phishing.

 

©Copyright 2015 Stickley on Security

Cherry Blossom Run 2015

Team NASA Federal lit up the Credit Union Cherry Blossom 10-Mile Run on Sunday, April 12, 2015 with its overwhelming enthusiasm. As in years past, the event brought together credit unions from across the country in support of the Children’s Miracle Network. And once again, the highly spirited members of Team NASA Federal were there, making their support for the kids known in a big way.

Cherry Blossom typically raises around $500,000 each year, and 2015 was no exception, bringing the total amount raised to over $7 million since credit unions became the title sponsors in 2002. This year, the event hosted approximately 16,000 runners, of which 29 were NASA Federal employees and family members and 68 were NASA Federal-sponsored members. Runners were, greeted by 63 NASA Federal volunteers, who handed them water and cheered passionately as they passed by the NASA Federal water station.

What’s more, the three NASA-sponsored running teams consisting of members from NASA Goddard Space Flight Center finished first, third and fifth in the Credit Union Team Competition. And, NASA Goddard’s own Alvin Yew of the first team placed 81 out of all runners.

Thanks to all of the NASA Federal employees, volunteers and runners for their dedication and energy. They make the Cherry Blossom Run special year in and year out.

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Stolen Uber Passenger Information for Sale Promising Buyers a Free Ride   

Uber LogoUber passengers are now being advised to change their account passwords immediately.  Reports are appearing claiming that an “unlimited” number of Uber accounts are being offered for sale on underground sites.

The price tag is $5 to receive some personal details and “limited” credit card information, and the event is causing the company to investigate whether or not their network may have been breached. The credit information that is being advertised for sale is reportedly only the last four digits of the card number.

When changing passwords, Uber account holders are advised to use a separate one from any other online account. Duplicate account credentials have been blamed for other recent incidents, such as the “naked celebrity” and Google Gmail stories of last year. New passwords should not include any identifiable information such as birthdate or driver’s license number and should be a minimum of eight characters long. In addition, special characters, numbers, and both upper and lower case letters should be included.

Uber has stated there is no evidence of a breach at this time. However, “vendors” on the site AlphaBay are claiming to have sold over 144 accounts since March 18 and more than 3,000 over all. Below is a screen shot of a site selling the accounts.

To add value to their crime services, purchasers may also buy a guide helping them to avoid getting caught for a mere $1.87 more. Some other vendors of the information are claiming that the supplied email addresses and passwords included in the packages are 100% valid and others are offering to supply account information based on geographic location.

There is little doubt that this will become big news giving scammers the opportunity to go phishing. Beware of any email communication asking you for information or to verify information. Uber does want you to change your password, but they will not send you and email with a link to their site. Go directly to any site you wish to visit, it is best not to click on email links or open attachments. The end result, if the email was from a criminal, will be malware.

One of the sellers, Courvoisier, is well-known in the card stealing arena and is known to have stolen massive amounts of credit card information.

 

©Copyright 2015 Stickley on Security