WASHINGTON (1/6/14)--What was the cost of the Target breach on your credit union? The Credit Union National Association is asking credit unions for cost information, and details on how the breach has impacted members, through a new online survey.
"We want to know--because the scope of this breach is so big (the second largest, in terms of total persons affected), the costs to credit unions (and ultimately to their members) are so immense for replacing cards and reimbursing members who have lost funds due to fraudulent transactions, and because Congress is taking notice of this whole affair--particularly the costs of it all," CUNA President/CEO Bill Cheney wrote in the latest edition of The Cheney Report
, where the survey was first unveiled.
Questions in the 14-item survey include when credit unions were notified of the breach, how many of their cards were impacted by the breach, whether or not any of the affected cards were EMV cards, how much call volume has been affected by members asking about the Target breach, and whether credit unions have had to increase staffing as a result of the breach.
The survey will help CUNA better represent credit union interests to lawmakers, regulators and the media.
Senate Banking Committee members and CUNA have asked for congressional hearings on data security issues. (See News Now
story: CUNA Calls on Congress For Target Breach Hearings.)
"When hearings take place, the information we gather through our survey will be vital for expressing the impact of this event on credit unions and their members--and urging Congress to consider our ongoing concerns of the responsibility of merchants to protect data, and be accountable for the consequences of data breaches when they occur," Cheney said.
This week's Cheney Report
also includes details on what actions credit unions are expected to take in the event of a data breach.
Other issues addressed in the first Cheney Report
of 2014 include:
Details on National Credit Union Administration guidance on upcoming qualified mortgage rules;
CUNA's Jan. 17 interchange testimony;
Credit union and CUNA concerns regarding the NCUA's stress test proposal; and
State Employees CU, Raleigh, N.C.'s, positive work to Unite for Good and help NC GreenPower improve North Carolina's environmental quality through renewable energy alternatives and community awareness.
Use the resource link to read the latest in The Cheney Report