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NAFCU President and CEO Dan Berger and Scott Arney, CEO of association member Chicago Patrolmen's Federal Credit Union, discussed frustrations felt by small card issuers over data breaches in a Wall Street Journalarticle Monday on the Target Corporation and Home Depot breaches.

Arney, whose credit union saw $80,000 in fraud losses last year, said, "When you have to absorb losses for something you had nothing to do with, it's tough." He was quoted saying the credit union has seen $55,000 in fraud losses in the first quarter of this year. He also noted a previous $150,000 loss for which his credit union received $1,000 in an industry settlement, WSJ reported. The specific cases aren't named.

Berger, quoted early in the article, noted small financial institutions are "looking to pursue any channel that makes them whole."

The article says financial institution trades note community banks and credit unions "have spent more than $350 million" to reissue cards and address other issues related to the Target and Home Depot breaches." It points to the $19 million settlement negotiated recently by Target and MasterCard over the retailer's massive breach in 2013 as well; it says a federal district court judge in a hearing Monday did not rule on plaintiffs' motion to allow issuers participating in the settlement to seek other means of reimbursement.

Last week, Berger testified before the House Small Business Committee to give the credit union perspective on data security. Berger pushed for data security legislation that includes information sharing, timely notification and a national standard for retailers and merchants.