CUNA Seeks 30 Days for Aaccepting TJX Settlement

December 6, 2007

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe -- (202) 508-6765 pkeefe@cuna.com

Credit unions and other financial institutions need more time – such as 30 days – to determine their best course of action in accepting the “alternative recovery offer” in the settlement reached between TJX Cos., Visa and Fifth Third Bank, CUNA wrote in a letter to officers of the three organizations.

In his letter, CUNA President and CEO Dan Mica pointed out that the current 10-day “window” given to financials for accepting the offer is “unreasonably short.” “Such an important decision requires a great deal of consideration,” Mica wrote. “The alternative recovery offer is likely to have a major impact on card issuers, including smaller financial institutions. Many of these institutions will need the most time to review the offer due to smaller staff and reduced access to legal counsel.”

Mica highlighted two other factors that compound the need for more time: The onset of the holiday spending season (when mounting consumer spending taxes the resources of financials’ staffs), and the fact that acceptance of the “alternative recovery offer” waives the right of financials’ right to any other recovery.

“When waiver of rights is involved it is extremely important to have adequate time to examine and consider the options available,” Mica stated.

The complete text of CUNA’s letter follows:

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December 6, 2007

Ms. Carol Meyrowitz
The TJX Companies, Inc.
770 Cochituate Road
Framingham, MA 01701

Mr. Joseph W. Saunders
Visa Inc.
P.O. Box 8999
San Francisco, CA 94128-8999

Mr. Kevin T. Kabat
Fifth Third Bancorp
38 Fountain Sq. Plaza, Fifth Third Center
Cincinnati, OH 45263

Dear Ms. Meyrowitz, Mr. Saunders and Mr. Kabat:

On behalf of the Credit Union National Association (CUNA), I am writing to you regarding the announced settlement agreement between The TJX Companies, Inc., Visa Inc., and Fifth Third Bank. By way of background, CUNA is the leading credit union trade association in this country, representing approximately 90 percent of our nation’s 8,400 state and federal credit unions, which serve more than 90 million members. This letter, however, is being written in an attempt to protect the interests of all affected financial institutions, not solely credit unions.

We are concerned that the ten-day window in which issuers must decide whether to accept the alternative recovery offer is unreasonably short, as such an important decision requires a great deal of consideration. We believe a period of thirty business days would be more appropriate, we urge you to announce that issuers will have twenty more business days to consider and respond to your proposal.

As of right now, Visa card issuers will have approximately ten business days from the time they receive the details of the alternative recovery offer and the time they must decide whether to accept the offer. The alternative recovery offer is likely to have a major impact on card issuers, including smaller financial institutions. Many of these institutions will need the most time to review the offer due to smaller staff and reduced access to legal counsel.

The insufficiency of the ten-day window is exacerbated by the fact that it falls during the holiday season. As we all know consumer spending is highest during this period, placing extra time demands on financial institution staff.

Compounding the importance of this decision for issuing financial institutions is the fact that acceptance of the alternative recovery offer effectively waives the right to any other recovery. When waiver of rights is involved it is extremely important to have adequate time to examine and consider the options available.

In closing, we strongly feel that ten business days is an inadequate amount of time to make such a significant decision on an informed and analytical basis. We alternatively propose that thirty business days be allotted for the period between the time details of the alternative recovery offer are made available and the time a decision is required. Each issuing financial institution is different and in order to accommodate each an increase to the ten days is necessary.

We welcome the opportunity to discuss this letter with you or appropriate staff at your organization. Thank you for your consideration of our concerns.

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