A joint release from the credit union and bank trades says $200M only covers the costs of card replacement.
CUNA and Carolinas League out $340,000 in membership dues with loss of nation's second largest credit union.
CUNA's largest affiliated credit union, the $27 billion State Employees' Credit Union of North Carolina, will not renew its membership in 2014.
In particular, both CUNA and NAFCU praised Obama's support of patent reform.
The NCUA's proposed new capital standards for credit unions over $50M raises capital requirements and requires risk-weighting 10 asset classes.
The $1.1 trillion negotiated budget deal worked out earlier this month by lawmakers in the House and Senate includes money for two programs used by credit unions.
Credit unions tell trade association breach cost an average of $5.10 per affected card.
The $211 million Alabama State Employees Credit Union is the first financial institution to sue Target seeking breach losses.
The $1.1 trillion agreement includes $1.2M for the Community Development Revolving Loan Fund and $226M for the CDFI Fund. WOCCU received $275M.
Daniel Weickenand, CEO of the $531 million Orion FCU in Memphis, Tenn., said low margins and risk forced him to discontinue non-QM loans.