WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against VyStar Credit Union for harming consumers through its botched rollout of a new online banking system. In May 2022, VyStar transitioned to a new, dysfunctional online banking platform that made it difficult for credit union members to perform basic banking functions for weeks, with some features unavailable for more than six months. Families incurred fees and costs as a result of these problems. The CFPB is ordering VyStar to ensure that all consumers are made whole. VyStar must also pay a $1.5 million civil penalty to the CFPB’s victims relief fund. Today’s action stems from the CFPB’s close partnership with the National Credit Union Administration (NCUA).
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-vystar-credit-union-to-pay-1-5-million-for-illegally-stranding-consumers-from-accessing-their-money-and-accounts/