Just one day after the Credit Union National Association filed a lawsuit against Equifax, the Michigan Credit Union League is the first state league to join the class actoin suit, though more leagues are expected to sign on.
The compromised information in the Equifax breach includes consumers’ Social Security numbers, birth dates, addresses and driver’s license numbers, and CUNA asserts credit unions will likely deal with long-term costs including canceling and reissuing credit and debit cards, reimbursing members for fraudulent charges, increasing fraud monitoring, mitigating identity theft, sustaining reputational harm and notifying consumers of potential fraudulent activity.
“We filed this lawsuit because our member credit unions are very concerned with the effects of this breach, everything from re-issuing compromised cards to adding uncertainty to the loan underwriting process,” CUNA President and CEO Jim Nussle said in a press release. “Credit unions will bear substantial costs dealing with the fallout from this breach, and this lawsuit is a step toward recouping those costs.”
CUNA filed the lawsuit on Oct. 4.
The Michigan league and CUNA have previously worked in conjunction as plaintiffs of class action suits against Wendy’s and Home Depot in response to data breaches.
“We’re pleased to once again stand shoulder-to-shoulder with CUNA on such a critical issue,” MCUL CEO Dave Adams said in a release. “This is yet another testament to the importance of the CUNA/league system and the impact that it has on credit unions and members in Michigan and across the country.”
Along with the class action suit, Summit Credit Union in Madison, Wis. has also filed suit against the credit bureau. Summit was at one time the credit union serving CUNA employees, but has since broadened its charter.