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Violation Tracker Individual Record

Company: VyStar Credit Union
Penalty: $1,500,000
Year: 2024
Date: October 31, 2024
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: 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 orderied VyStar to ensure that all consumers are made whole. VyStar was also ordered to pay a $1.5 million civil penalty to the CFPB's victims relief fund.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.