The U.S. Consumer Financial Protection Bureau said Oct. 31 it found Jacksonville-based VyStar Credit Union violated the Consumer Financial Protection Act in what it described as a “botched rollout of a new online banking system” in May 2022.
The CFPB said in a news release VyStar’s transition “to a new, dysfunctional online banking platform” made it difficult for members to perform banking functions for weeks, with some features unavailable for more than six months.
“VyStar and its senior management bungled the credit union’s rollout of a new banking system and left customers stranded without online access to their accounts,” CFPB Director Rohit Chopra said in the release.
“VyStar’s careless errors inflicted financial harm on their credit union members,” it said…