PA Credit Union Association to join Equifax Litigation
DAUPHIN COUNTY, Pa.– After Equifax was hacked, more than 145 million Americans’ identities and credit histories were compromised and the Credit Union National Association (CUNA) filed a class-action lawsuit against the company on October 4. The Pennsylvania Credit Union Association (PCUA) has joined the litigation as plaintiffs.
The PCUA Board of Directors’ decision to join the lawsuit came after management conducted a thorough due diligence that determined credit unions and other financial institutions will likely bear long-term costs as a result of the breach. These costs include canceling and reissuing an untold number of compromised cards, reimbursing consumers for fraudulent charges, increasing fraudulent activity monitoring, taking appropriate action to mitigate the risk of identity theft and fraudulent loans, sustaining reputational harm, and notifying consumers of potential fraudulent activity.
“We believe it is our responsibility to protect credit unions and their members, that have recognized financial losses as a result of the Equifax data breach,” PCUA President & CEO Patrick Conway said. “Representing credit unions in this manner will ensure they have a voice as Equifax is held accountable for current damages, future losses, and data security risks.”
PCUA is the eighth league to join CUNA in the lawsuit. Other leagues include the League of Southeastern Credit Unions, Illinois Credit Union League, Credit Union Association of New Mexico, California-Nevada Credit Union League, Michigan Credit Union League, Nebraska Credit Union League, and the Mountain West League.
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational, and operational support for credit unions in Pennsylvania. There are 395 credit unions headquartered in Pennsylvania with assets in excess of $45.9 billion and 3.9 million members. For additional information about credit unions or to find a credit union right for you, visit their website here.