SEATTLE - (06/27/05) -- Dozens of credit union around thecountry are starting to identity member accounts that may bethreatened from a huge security breach at CardSystems Solutions andmany are starting to recall and replace affected accounts. BoeingEmployees CU sent letters last week to 48,000 debit and creditcardholders whose account information be stolen. Oregon Communitynotified more than 7,000 of its members last week; and Watermark CUsent letters to 4,500 cardholders. John Annaloro, president of theWashington CU League, said last week as many as 100,000 members inthe northwest may have had their account information stolen fromthe third-party processor of Visa, MasterCard, American Express andDiscover cards, but no one knows yet how many of the accounts haveactually been penetrated. Other credit unions from around thecountry began notifying members as well: Harlingen Area TeachersCU, Professional FCU, Boeing Wichita CU. CardSystems said accountinformation from as many as 40 million cardholders--believed to bethe largest card security breach ever--may have been stolen by anonline hacker.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
5h ago -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
5h ago -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
5h ago -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
7h ago -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
8h ago -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
9h ago