CUNA statement on Target breach

(January 14, 2014) — The Credit Union National Association President and CEO Bill Cheney released the following statement after news that Target Corp. revealed that their recent data breach was caused by malware on POS devices.

“We think Target’s concern for consumers is commendable, but conspicuously missing from their statement is any commitment to avoid leaving card issuers holding the bag for what went wrong in their own systems. Their admission should mean that the retailer, not credit unions and other financial institutions, should pay for the costs associated with making consumers whole, including reissuing payment cards.”

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