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When the CFPB announced its "action" against the Jacksonville, Fla.-based VyStar Credit Union for the disastrous rollout of its new banking system in 2022, it marked an extremely rare step taken by the Bureau against any credit union. It's so rare that there's only one other notable example happening in the history of the CFPB.
Only two times, since its inception in July 2011, has the CFPB taken steps to reprimand and fine a specific credit union. The second instance was Thursday's announcement for VyStar to pay $1.5 million in civil penalties that will go to the CFPB's victims relief fund and refund members' accounts for any fees they were charged as a result of the weeks-long outage in May 2022.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
