ALEXANDRIA, Va. — The NCUA Board approved up to $50,000 to cover costs from the NCUA examiner data breach at the $13 million Palm Springs Federal Credit Union of Palm Springs, Calif. The agency made the announcement shortly before commencing its January board meeting.
An examiner lost a flash drive during an examination at the credit union.
At the current time, the costs are about $36,000. The NCUA has agreed to pay for credit monitoring for the credit union's members, its staff's time and legal fees.
On Jan. 6, NCUA Board Chairman Debbie Matz estimated the costs at $15,000 to $20,000.
Further board action would be required if the ultimate costs exceed $50,000, the agency said Thursday.
The NCUA said it is taking appropriate action with its staff that was involved in the incident, including reinforcing training on the protection of personal data.
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