Now that the Target data breach suit has class-action status, many in the credit union industry are eagerly looking forward to the proceedings and the new regulations they could advance.

Clark Yelverton, president/CEO of CSE Federal Credit Union, was especially pleased with the Sept. 15 decision by a Minnesota District Court judge. His credit union is one of five financial institutions — and the only credit union — that asked for an injunction in April after Target offered $19 million to settle breach claims with MasterCard issuers.

"As one of the many credit unions that suffered substantial losses as a result of Target's failure to adequately protect its sensitive payment data, we were frustrated, particularly as the data breach took place during the busiest shopping season of the year," Yelverton said after the decision. "We were forced to spend thousands of dollars to reissue hundreds of cards and to reimburse members for fraudulent transactions. Additionally, we had to address member confusion and complaints, and change or cancel accounts. Even though financial institutions are held to extremely high standards of securing member information, we were ultimately the ones that had to incur the costs of one of the largest data breaches in U.S. history."