Friday, November 1, 2024

In Case You Needed Further Proof That Sound Tech At SECU is Not "Optional"...

 

CFPB Hits VyStar CU With $1.5-Million Penalty

[link to entire article] 

✅ No one disputes the fiduciary duty of the SECU Board. See prior post "Is The SECU Board Unaware?" [link] and comments.

 "The Consumer Financial Protection Bureau, in its order, stated that VyStar’s new platform went online prematurely and the CU failed to establish or follow critical processes to ensure its success. The agency termed the problems the CU and its members faced “foreseeable and avoidable.”

"The CFPB said the credit union pushed the conversion process through “too quickly, despite warning signs from its own development team, to meet an unrealistic deadline, which caused VyStar to take on unnecessary risk of harm to its members.” 

https://giffiles.alphacoders.com/158/15827.gif  The real "Trick or Threat"?

Lets hope "Cash App" was just a fluke.

 

 

1 comment:

  1. I dread the new core like you wouldn't believe. We have more tech issues now than we've ever had, and they keep pushing through things that make everyone's lives miserable. Look at the new mortgage servicing system that caused a million issues and is way less readable for both members and frontline employees.

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