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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.


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