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FOR IMMEDIATE RELEASE

NAFCU Statement In Response to Report of Possible $20 Million Target Settlement with Mastercard on Data Breach

Washington (April 15, 2015) – National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to news reports of a possible $20 million settlement from Target Corp. with Mastercard Inc. based on the retailer's huge data breach in 2013.

"NAFCU has been in regular contact with MasterCard and VISA on data breaches as well as other payment issues," said Berger. "While we appreciate that the settlement attempts to hold Target somewhat accountable, we were hoping it would be more than just pennies on the dollar. We believe that this demonstrates the reason why Congress must act to protect consumers' financial information by enacting stronger standards and holding retailers and merchants directly accountable for their data breaches."

NAFCU was the first financial trade organization to call for national data security standards for retailers, and it continues to push for legislative action on Capitol Hill. NAFCU is a member of the Payments Security Task Force, a diverse group of participants in the payments industry that is driving a discussion on payments system security. NAFCU is also a member of the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center, which work on infrastructure cybersecurity.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org