ALEXANDRIA, Va.—The NCUA board has approved a payment of up to $50,000 for costs associated with a data breach at Palm Springs FCU that was caused by an agency examiner who lost a flash drive containing member data.
NCUA said it will pay the credit union for activities, such as credit reporting monitoring for members, CU staff time associated with the breach, and legal fees. To date, the related costs associated with the breach are approximately $36,000, NCUA said. The payments will come from the agency’s existing operating fund. If costs exceed $50,000, the board will need to take additional action.
To date, NCUA said it has not received any indication of any unauthorized activities on member accounts or attempts to gain improper access. NCUA has also announced a number of steps it is taking to review security at the examiner level.
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