JACKSONVILLE, Fla.—The CFPB has terminated the consent order against $14-billion VyStar CU and waived any alleged non-compliance, the Bureau announced.
The agency, on its website, stated VyStar fulfilled certain obligations under the order, including, among other things, paying a civil money penalty of $1.5 million to the Bureau and taking steps to conduct an audit to verify that all fees and costs described in the order were refunded to members who submitted requests.
As CUToday.info extensively reported, on Oct. 31, 2024, the Bureau issued an order against VyStar for its problematic rollout of its new online and mobile banking platforms that caused a great deal of problems for members.
The Bureau said it found that VyStar’s planning and implementation of the conversion violated the Consumer Financial Protection Act of 2010. The order required VyStar to come into compliance with the law, establish a governance committee to ensure proper management of projects involving consumer facing banking systems, ensure that all consumers owed redress have been paid, and pay a $1.5 million civil money penalty.
In a statement sent to CUToday.info, VyStar said it is “committed to uplifting and empowering our members throughout their financial journey. Our online and mobile platforms are built to deliver the access and functionality members expect. We have always complied with all applicable laws and regulations and continue to do so. We respect the CFPB’s decision to terminate the order and believe it was appropriate.”