If approved in federal court, the settlement would earmark $20 million for the credit unions and other financial institutions that joined the class action suit.
This Thursday, August 27, Northwest credit unions are invited to join a conference call addressing the settlement between Visa and Target over Target’s 2013 data breach, and the litigation that remains pending.
Target has agreed to reimburse Visa card issuers up to $67 million for costs associated with their massive 2013 data breach.
Companion bills addressing credit union corporate governance and investments continue to move forward.
Visa, MasterCard and several big banks reached a $7.2 billion antitrust settlement with a large group of merchants regarding interchange fees. The settlement will cost Northwest credit unions between $2.5 and $3.5 million in fee income.
Less than two weeks after North Coast Credit Union became the first Northwest credit union hit with an opportunistic lawsuit regarding ATM fee posts, two Michigan credit unions settled similar suits in federal court.
The White House announced yesterday that it has withdrawn the nomination of Carla Leon-Decker to join the NCUA board of directors. Meanwhile, the NCUA reached settlement in its suit filed against HSBC, recovering $5.25 million.
The NCUA reached separate settlements this week with Citigroup and Deutsche Bank Securities regarding the sale of residential mortgage-backed securities to five wholesale credit unions. Net proceeds will go toward reducing assessments charged to credit unions to pay for the losses.
The CFPB is continuing its process of combining the federal Truth in Lending disclosures with the required Real Estate Settlement Procedures Act HUD-1 settlement statement, entering the second phase of its â€œKnow Before You Oweâ€ project.
The case has significant implications for credit unions as it will consider if a consumer can sue in federal court when there is no evidence of actual injury.