• The CFPB Takes Action Against VyStar Credit Union

  • Dec 19 2024
  • Length: 6 mins
  • Podcast

The CFPB Takes Action Against VyStar Credit Union

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  • Summary

  • In this episode of his "Clearly Conspicuous" podcast series, "The CFPB Takes Action Against VyStar Credit Union," consumer protection attorney Anthony DiResta examines the Consumer Financial Protection Bureau's (CFPB) action against VyStar Credit Union ordering the company to pay $1.5 million for a failed online banking system rollout that left consumers unable to access their accounts. The CFPB found that VyStar violated the Consumer Financial Protection Act by ignoring red flags and rushing an untested platform, resulting in significant harm to its members. In this episode, Mr. DiResta highlights the CFPB's authority to take action against large credit unions and the importance of proper planning and testing when implementing new financial technology.
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