WASHINGTON — CUNA has prepared a document which is meant to help inform member credit unions in some of the issues they may face in deciding whether or not to accept a settlement offer in the massive card breach at the TJX Companies.

The TJX breach came to light late in 2006 but began a good deal before that. It has involved thousands of cards and substantial losses to card issuers of all types. TJX and its processing bank, Fifth Third, have offered a fund to settle claims from card issuers damaged in the breach, but the issuers have to decide whether to accept the settlement by Dec. 19.

Facts in favor of accepting the settlement offer, according to CUNA, include some surety that there will be recovery for at least some losses; there will be a minimum guaranteed payment for issuers with smaller losses and the payment will be made on a date certain. CUNA also pointed out that the process for obtaining the payment will be relatively easy, there would be no administrative costs and the fraud calculations would include fraud losses and operating expenses.

Facts CUNA listed for declining the settlement included acceptance of the offer waives right to future claims on Visa accounts and the settlement will not likely cover all losses.