Exterior of the CFPB headquarters in Washington, D.C.
Credit/Adobe Stock
Following a joint investigation by the NCUA and the CFPB, the $14.7 billion VyStar Credit Union in Jacksonville, Fla., will pay a $1.5 million civil fine and refund fees to members for depriving them of access to their money and accounts for weeks during its botched roll out of a new online and mobile banking system in 2022, the independent federal agencies said Thursday.
The CFPB and NCUA investigation determined that VyStar violated the Consumer Financial Protection Act because the "credit union ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds. The new, dysfunctional platform's frequent outages and limited functionality led to financial losses and other harm to consumers."
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