ARTICLE
12 November 2024

Credit Union's Botched Rollout Of Online Platform Draws CFPB's Interest

The CFPB has reached a settlement with VyStar Credit Union to resolve allegations that its defective new online banking platform violated the Consumer Financial Protection Act of 2010.
United States Finance and Banking
  • The CFPB has reached a settlement with VyStar Credit Union to resolve allegations that its defective new online banking platform violated the Consumer Financial Protection Act of 2010.
  • According to the consent order, VyStar's new online banking platform allegedly crashed soon after launch and, when brought back online, lacked key banking services for weeks or months, causing consumers to lose access to accounts and funds and to incur late fees when online bill payments failed.
  • Under the terms of the consent order, VyStar must pay $1.5 million in civil penalties, and provide consumer redress for financial harm caused by the platform outage, among other relief.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More