Target Agrees to $39 Million Settlement in Data Breach Suit

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.

Join Conference Call on Target Breach Settlement

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.

Visa to Contact Credit Unions Over Target Breach Settlement

Target has agreed to reimburse Visa card issuers up to $67 million for costs associated with their massive 2013 data breach.

Washington Legislative Update: NWCUA Bills on the Move

Companion bills addressing credit union corporate governance and investments continue to move forward.

Interchange Fee Settlement Includes Plans to Temporarily Reduce Swipe Fees for Card Issuers

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.

Two Michigan Credit Unions Settle ATM Lawsuits

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.

White House Withdraws Leon-Decker’s NCUA Board Nomination

The White House announced yesterday that it has withdrawn the nomination of Carla Leon-Decker to join the NCUA board of directors.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.

NCUA Reaches Settlement in Lawsuits Against Citigroup, Deutsche Bank Securities

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.

CFPB Begins Mortgage Closing Form Revisions

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 “Know Before You Owe” project.

Supreme Court to Look at RESPA Case

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.