Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA call on TJX settlement issues
WASHINGTON (4/7/08)—The Credit Union National Association (CUNA) is inviting affiliated credit unions affected by the recently announced settlement between MasterCard and TJX Cos., related to the largest data breach in history, to participate on a conference call today. The agreement calls for MasterCard to make alternative recovery offers to its eligible card issuers whose payment cards had claims against them as being compromised in the breach. MasterCard will recommend that eligible MasterCard issuers accept such offers. TJX will fund up to a maximum $24 million, a pre-tax figure, in alternative recovery payments, depending on the extent of acceptance by card issuers. The settlement sets one condition: Issuers of at least 90% of the accounts claimed in the breach must accept the alternative recovery offers by May 2. As with an earlier settlement agreement involving Visa, credit unions and other card issuers have a short timeframe to make a decision regarding settlement, noted Mary Dunn, CUNA deputy general counsel. The CUNA conference call is an effort to help credit unions decide what is appropriate for them, but is not intended to be a recommendation or legal advice from CUNA, she added. Today’s conference call is scheduled for 2 p.m. ET. Contact Dunn at mdunn@cuna.coop for call-in information.


RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
15 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
16 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
18 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
19 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
21 hours ago