PRELIMINARY COST TALLIED FOR CA, NV
updated 01/22/14 01:28 PM
Target Breach Impact on CUs
More than 552,000 debit and credit card accounts at California and Nevada credit unions were affected by the Target stores security breach between late November and mid-December, representing $2.8 million in card reissuance and other costs so far, according to preliminary results released today by the Credit Union National Association (CUNA).
Those costs most likely don’t include potential fraud losses, which could be substantial, CUNA’s survey-result analysis states.
In California, 460,000 debit cards and 75,000 credit cards were impacted. In Nevada, 16,000 debit cards and 1,600 credit cards were affected. The average cost per card is $5.10.
Nationwide, credit unions have so far incurred a nearly $30 million hit—a number expected to rise in the coming weeks as more credit unions report their costs and resulting fraud losses.
The CUNA survey asked credit unions impacted by the Target data breach to outline the costs and burdens they have seen as a result. The breach resulted in the theft of 40 million debit and credit cards across the nation, and encrypted PIN data, as well as the names, mail and email addresses, and phone numbers of up to 70 million individuals.
The survey data will help inform credit union leaders’ conversations with lawmakers, regulators, the media, and others. There is no deadline for credit unions to respond to the survey, and credit unions that have not yet responded are encouraged to do so.
Credit unions that have responded can also update their totals if new costs are incurred.
YOUTH FLOCK TO FIN. LITERACY EVENTS updated
04/22/14 12:07 PM
CUs Catch the 'Save Wave'
Credit unions in California and Nevada are celebrating National Financial Literacy Month and National Credit Union Youth Week™ (April 22-27) with a number of programs and events.
CO-OP SUPPORTS 'SHOP FOR MIRACLES' updated
04/22/14 11:02 AM
Fundraising Program for CMN
CO-OP Financial Services is supporting Shop for Miracles—a one-day charitable program to raise funds for Children’s Miracle Network (CMN) Hospitals—through its Miracle Match Program.
JOBS, WAGES, CONFIDENCE: THE FUTURE updated
04/21/14 12:56 PM
Silver Linings for CA, NV
People borrow money for many purposes. Buying a home, remodeling, purchasing a new car, vacations, and weddings come to mind.
CFPB RELEASES DISCLOSURE FORM GUIDE updated
04/21/14 10:25 AM
Also, CA Unclaimed Property Program
The Consumer Financial Protection Bureau (CFPB) has released a guide to completing TILA-RESPA Integrated Disclosure Forms—a companion to the small Entity Compliance Guide the bureau recently released.