On Target: Radebaugh to voice CCUL perspective, frame CUs' local outreach
Thursday, February 13, 2014
Columbia, SC and Raleigh, NC--Carolinas Credit Union League CEO John Radebaugh will take the next step in CCUL's data-breach awareness and outreach strategy by week's end, providing the league perspective through letters to the editors of the News & Observer (Raleigh) and The State (Columbia). Radebaugh's letters will set the stage for others in outlying media markets to note breach impact, clarify responsibility, and build support for a balanced solution.
An essential message to readers is that financial institutions do not control data transmission and storage in a retail transaction, yet face difficult decisions following a data compromise such as whether to issue replacement cards. Those decisions affect cardholders' fraud exposure and any automatic payments, resulting in frustration. The decisions also bring added expense to the institutions versus the at-fault retailers.
"(T)he lack of merchant accountability leaves vulnerable the very heart of member relationships credit unions work so hard to build," Radebaugh wrote to state congressional delegations last week. Regulations prohibit credit union identification of responsible merchants, leaving affected cardholders to draw their own conclusions, including credit union negligence.
"It is only fair that we be allowed to offer greater reassurance," Radebaugh concluded.
To join media outreach, contact Brandon Pugh.