Cheney in HuffPost: Sony Breach Supports Interchange Delay Posted by AVCU on 2:23 PM

CUNA President Bill Cheney penned an editorial appearing in the Huffington Post this week Its publication coincides with widespread coverage of Sony Corporation's data breach involving over 70 million cards. Subsequent reports tell of another 20 million involved in a separate breach of the electronics and gaming manufacturer.

Cheney argues that contrary to press announcements, Sony will not cover all of the expense credit unions incur related to compromised cards and resultant fraud. He cites this as yet another reason why the Fed's proposed 12 cent cap on interchange falls woefully short and a delay to properly research all of the expenses involved is critical to credit unions.

See the Huffington Post editorial here.