CFPB ends consent order against VyStar Credit Union
The Consumer Financial Protection Bureau has terminated its consent order against VyStar Credit Union in Jacksonville, Fla.
The bureau said it determined that VyStar had fulfilled key conditions of the order, including paying a $1.5 million civil penalty and refunding fees to impacted members.
The order addressed the CFPB’s concerns over a botched online banking platform launch.
The agency penalized the credit union over issues tied to its May 2022 transition to a new online banking platform that made it challenging for members to perform basic banking functions for weeks. Some features remained unavailable for more than six months.
The CFPB said that the new system crashed upon launch because VyStar brought it online prematurely and failed to establish or follow critical processes to ensure its success.