WASHINGTON — CUNA is still examining what positions it should take, if any, on a couple of lawsuits that have an impact on credit unions, according to CUNA executives.
The oldest is the still developing lawsuit against the TJX Corporation, the parent company of TJ Maxx and other retail chains and has admitted being the source of one of the largest credit card data security breaches in U.S. history. The breach has cost credit unions significantly along with other financial institutions and there are several legal efforts to recover some of those funds.
"CUNA is examining what role we could play in the suit," explained Mary Dunn, deputy general counsel for CUNA. "We have wanted to take our time with it as the situation develops," she added. "Our rushing in might place credit unions in a worse position than they might have been before."
The association is also examining what role, if any, it has in the lawsuit filed by the Coalition for Credit Union Charter Options against the NCUA's regulation of the procedures around credit union to bank charter change votes, according to CUNA General Counsel Eric Richard. Because this suit was only recently filed the Association has not yet had the time to evaluate it, Richard said.
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