Credit Union National Association Sues Equifax On Behalf Of Its Members Over Losses From Data Breach
CUNA filed the lawsuit last week in Federal Court in Atlanta. The suit seeks to recover the costs borne by credit unions in the aftermath of the Equifax’s security breach.
The lead plaintiffs are the Army Aviation Center Federal Credit Union, the Greater Cincinnati Credit Union, and CUNA.
CUNA President/CEO Jim Nussle told Housing Wire:
We filed this lawsuit because our member credit unions are very concerned about the effects of this breach. Everything from re-issuing compromised cards to adding uncertainty to the loan underwriting process. Credit unions will bear substantial costs dealing with the fallout from this breach. This lawsuit is a step toward recouping those costs.
In the lawsuit alleges Equifax’s negligent handling of consumers’ personal information will lead to financial harm for financial institutions. The breach led to the exposure of 145.5 million consumers’ information.
You can read the lawsuit here.
Credit Union National Association Joins Others Suing Equifax Over The Breach
Equifax is also facing inquiries from the CFPB and the Federal Trade Commission.
The House Financial Services Committee has already held hearings. Additionally, The Senate Finance Committee has scheduled hearings in the coming weeks.
New York Attorney General Eric Schneiderman and the New York Department of Financial Services have also filed suit. Massachusetts has also filed suit against Equifax.
The City of San Francisco and the City of Chicago have both also filed suit.