WASHINGTON — CUNA has been lobbying the TJX company and its merchant processing bank, Fifth Third, trying to get credit unions impacted by TJX's record setting card breach more time to determine whether to accept the two firm's settlement offer.
Visa USA, which did not originate the deal but said it supports it, announced last week that the two companies had put more than $40 million into a fund which would be used to compensate issuers, including credit unions, who suffered losses from the results of the card security breach.
Under the terms of the deal, more than 80% of the impacted issuers would have to agree to take part for the deal to go forward, but issuers were only given a limited amount of time to make a decision about whether or not to participate.
CUNA sent a letter to TJX and Fifth Third executives Dec. 6 and followed up with informal contact on Dec. 7, seeking to get CUs more time but the companies have not yet been forthcoming about the possibility for an extension.
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