WASHINGTON (4/15/15, UPDATED 5:34 p.m. ET)--CUNA has agreed to join credit unions and other financial institutions nationwide as a plaintiff in a class action lawsuit against The Home Depot following the merchant's massive data breach in September 2014.
"Credit union members need a solution to the problem of merchant data breaches," said Jim Nussle, president/CEO of CUNA. "Credit unions around the country have been dealt a huge blow by merchant data breaches and CUNA expended significant resources and has been diligently working with its credit union members to address and respond to the Home Depot data breach. CUNA did not make the decision to join the lawsuit lightly; we stand with our credit union members and believe consumers must be protected from merchant negligence. Home Depot continues to operate using the inferior systems and procedures that gave rise to the breach and it is unacceptable."
CUNA has been heavily involved in the issue of merchant data breaches by corresponding and meeting with federal lawmakers and their staffs and will continue all efforts to ensure any and all data security-related bills afford credit union members with the greatest protection possible. CUNA studies show that the Home Depot data breach alone cost credit unions and their members tens of millions of dollars and the merchant has acknowledged that 56 million credit and debit card were compromised in the breach.
CUNA joins a number of credit unions and other financial institutions as plaintiffs on this case.