According to the The Independent Community Bankers of America (ICBA) community banks across the country had to issue customers “nearly 7.5 million credit and debit cards at a total reissuance cost of more than $90 million as a result of the Home Depot data breach.”
ICBA chairman John Buhrmaster argued that, “community banks continue to absorb exorbitant costs due to data breaches, and they do so upfront because their primary concern is to protect their customers. However, this is money—more than $90 million—that could be used for lending in local communities to homeowners, small business owners and budding entrepreneurs to spur local economic growth and stability.”