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.
LEADERS ENGAGE WITH STATE LAWMAKERS updated
04/15/14 09:44 AM
Card Security a Hot Topic
Credit union professionals and volunteers took a stand for their members in Sacramento from April 7-8 during the California Credit Union League’s 2014 Government Relations Rally (GRR)—an event that attracted more than 75 attendees and helped build relationships with state legislators.
CO-OP ANNOUNCES SHAREHOLDER DIVIDEND updated
04/14/14 01:37 PM
Patronage Pool of $30.5 Million
CO-OP Financial Services has announced a shareholder dividend pool of $30.5 million for 2013—a 17 percent increase from 2012. Since becoming a credit union-owned cooperative in 1996, CO-OP’s total shareholder patronage has been $284.8 million.
DBO REPS ADDRESS 'CUOLI' INVESTMENTS updated
04/14/14 01:05 PM
State CU Update Given
California Department of Business Oversight (DBO) Commissioner Jan Owen and Deputy Commissioner of Credit Unions Erick Orellana gave attendees an overview of the department during the California Credit Union League’s 2014 Government Relations Rally (GRR) last week in Sacramento and welcomed questions from attendees.
CONGRESSMEN CONCERNED OVER RBC RULES updated
04/09/14 01:18 PM
Questions Arise During Hearing
Reps. Ed Royce, R-CA, and Brad Sherman, D-CA, questioned National Credit Union Administration (NCUA) General Counsel Mike McKenna on the effectiveness of the NCUA's proposed risk-based capital rule during a House Financial Services Committee hearing last week.