WASHINGTON -
CUNA President Dan Mica asked TJX and Visa, as well as Fifth Third Bancorp., the merchant acquirer for TJX, to extend the deadline for accepting the offer past Dec. 19, noting the complications required in the deliberations.
CUNA asked that the deadline be extended to 30 days.
At stake are millions of dollars TJX has agreed to repay credit unions for their expenses to resolve the massive data breach, which includes costs to notify members and to cancel and reissue millions of cards.
The short decision time is exacerbated by the onset of the holiday season, wrote Mica, noting the extra time required by credit unions to transact Christmas business.
Under the settlement, at least 80% of cardholders must approve the deal by Dec. 19 for the payments to occur. In addition, Mica wrote, credit unions need to review the clause by which acceptance of the settlement waives the right to any other recovery.
TJX, the parent of TJ Maxx, Marshall’s and several other national chains, said that financial records of as many as 100 million consumers may have been compromised by the breach, one of the largest ever reported.
Separately, the federal court in Boston dismissed a purported class action suit brought by banks in the TJX case, ruling that individual banks will have to bring their own suits in the case.
