WASHINGTON -- The significant impact to credit unions from the Target data breach is clear in the number of CUs quickly responding to CUNA's data breach impact survey.
CUNA reported today that it has already received 430 submissions to its data breach impact survey, which the trade association released in late December. Shortly after the massive data compromise that impacted at least 40 million credit and debit cards used at Target during the holiday shopping season, CUNA introduced a data collection website, accessed via its homepage (
The effects of the data compromise have also led to legal action, with Alabama State Employees CU, Montgomery, Ala., at the start of the year filing what appears to be the first class action lawsuit by a financial services company against Target Corp. over costs from the breach. And there are reports that more CU lawsuits will be filed.
CUNA's 14-item survey asks questions about the effects of the Target data breach, including 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.
CUNA said the survey will help the trade association better represent credit union interests to lawmakers, regulators and the media.
Senate Banking Committee Chairman Tim Johnson (D-S.D.) said Monday that he is considering conducting a hearing to study the recent data breach at Target, and CUNA has reached out to Senate Banking and House Financial Services Committee leaders to encourage them to "fully examine the chronic issue of merchant data breaches, their impact on consumers and financial institutions."
Three Senate Banking panel members — Bob Menendez (D-N. J.), Chuck Schumer (D-N.Y.), and Mark Warner (D-Va.) — have also called on Johnson to hold such a hearing.
