CFPB Hits VyStar CU With $1.5-Million Penalty
✅ 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.”
The real "Trick or Threat"?
Lets hope "Cash App" was just a fluke.
