MADISON, Wis. - (04/05/05) -- CUNA Mutual Group filed suit instate court Monday against BJs Wholesale Club seekingreimbursements for claims paid to 160 credit unions over the theftof credit card information from tens of thousands of the 'Big Box'wholesaler's customers last year. The security breach forced asmany as 50 credit unions in the northeast to recall and replacehundreds of thousands of credit cards over a period of severalmonths. Dozens of accounts were also penetrated and used to buymerchandise. Navy FCU alone shut down 40,000 of its Visa credit anddebit and MasterCard credit card accounts because of the breach.Several credit unions, including Pennsylvania State Employees CU,have also filed suit against BJs to reclaim costs to replacecredit/debit cards.
-
The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3