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.
ANNUAL FED WEBINAR ON REGS, GUIDANCE updated
11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.
DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated
11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.
LEAGUE SURVEY EXTENDED TO NOV. 21 updated
11/19/14 10:57 AM
Overdraft and Courtesy Pay
The deadline for the California and Nevada Credit Union Leagues’ survey to obtain information about credit unions’ overdraft and courtesy-pay programs has been extended to Nov. 21.
CUs RECEIVE UNRIVALED SURVEY SCORE updated
11/18/14 11:10 AM
Ranked First in 'Customer Satisfaction'
Credit unions are ranked first in customer satisfaction, significantly outpacing all other financial services, according to findings released Tuesday by the American Customer Satisfaction Index (ACSI).