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Nussle Meets with MasterCard and Visa on Data Breaches
Monday, October 13, 2014 6:40 AM

Credit Union National Association President and CEO Jim Nussle met with senior leaders from Visa and MasterCard Thursday to share concerns about the many data breaches.

In Friday's "Nussle Report," Nussle said he told Visa and MasterCard executives that credit unions are fed up with the rapid-fire merchant-based data breaches—massive and small—that compromise members' sensitive financial data and drive up credit union costs. "It's time for all parties to work together, for merchants to be responsible for their negligence, for credit unions to get their reimbursements," Nussle said, as well as, "It's time to stop the data breaches."

Nussle also said the card executives were sympathetic to credit union concerns and made commitments to more open communication and cooperation on these issues. They acknowledged a need to improve PCI standards and enforcement and made commitments to address the lack of clarity over disclosure rules.

On reimbursements, Nussle said, "they said they'd work for more transparency about how Visa and MasterCard process claims and determine how much is paid. This is particularly important since to my knowledge no credit union has yet been reimbursed for any costs related to the Target data breach, now 10 months ago."

Both representatives also made commitments to share information about new breaches with CUNA when they occur.

Nussle also reported that in response to the data breach call to action on Oct. 3, more than 8,700 messages had been sent to Congress, but the numbers had to rise considerably higher to get lawmakers' attention in order to hold merchants accountable for the data breaches.

Cornerstone strongly encourages all credit unions to take a few minutes to visit CUNA's website, and take the survey on the Home Depot breach. The results will help us quantify the damage done and provide useful data that we'll share with Congress and the media to help make our point that merchant accountability needs to be addressed.

Take the survey here.