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.
CUs ENGAGE LAWMAKERS ON CAPITOL HILL updated
03/03/14 12:29 PM
New Legislators Show Support
As Congress considers tax reform, data security, regulatory relief, and other vital credit union issues, this year’s 2014 Governmental Affairs Conference (GAC) in Washington D.C. was a pivotal event for credit union executives and board members who advocated face to face with legislators on behalf of their members and the movement.
LEAGUES PRESIDENT RECAPS GAC updated
02/28/14 01:41 PM
'Attendees Were Encouraged,' She Says
The highly-anticipated annual Governmental Affairs Conference (GAC) in Washington, D.C. has come to an end. From Feb. 23-26, attendees had the chance to hear from influential legislators and credit union experts on the political landscape, attend breakout sessions on the hottest issues, and network with peers.
CO-OP COMMENTS ON VISA, FIRST DATA updated
02/27/14 03:08 PM
Thinks it’s an Industry Win-Win
CO-OP Financial Services’ business partners—Visa and First Data (STAR Network)—announced an agreement to share Visa’s common debit solution offering issuers, acquirers, and merchants an approach for debit EMV chip adoption.
ROYCE: NEXT STEP FOR MBL LEGISLATION updated
02/25/14 12:37 PM
'We Still Have Work to Do'
Representative Ed Royce, R-CA, announced today during the Credit Union National Association's 2014 Governmental Affairs Conference (GAC) that he will introduce legislation giving parity for credit unions with respect to standing law for banks.