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CUNA Mutual to Meet With CUs Hurt In Big Box Card Snafu

MADISON, Wis. - CUNA Mutual staff plans to meet with the staff of credit unions which had card accounts compromised when a so-called big-box retailer, BJ's Wholesale Club, had a card security breach that resulted in a number of credit unions having to close possibly compromised accounts and reissue cards....

By Staff Writer | Updated on June 01, 2004

MADISON, Wis. – CUNA Mutual staff plans to meet with the staff of credit unions which had card accounts compromised when a so-called big-box retailer, BJ’s Wholesale Club, had a card security breach that resulted in a number of credit unions having to close possibly compromised accounts and reissue cards. One outcome from the meeting may be a decision by CUNA Mutual to join a possible lawsuit by credit unions against the big box retailer. “It is standard practice for CUNA Mutual to meet with insureds after an incident like this to help them reduce their losses and manage risk,” said Phil Tschudy manager of media relations for CUNA Mutual. “We’re doing just that but, again, we haven’t decided on any specific course of action at this time.” In addition to recouping losses, such a lawsuit brought by credit unions and possibly other financial institutions would serve to put retailer on notice that they have to take the security of their customers credit card accounts more seriously.

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