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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-11-04T20:09:00
VyStar Credit Union has agreed to pay a $1.5 million fine and make restitution to customers harmed by its alleged lack of due diligence when it launched a new banking platform, the Consumer Financial Protection Bureau (CFPB) said.
Vystar, formerly known as JAX Navy Federal Credit Union, is based in Jacksonville, Fla., and is one of the largest credit unions in the nation. The organization has $14.75 billion in assets and 980,000 customers, all of whom are defense employees, current or former members of the military, or their families.
The alleged trouble began when Vystar rolled out a new banking system in May 2022. The roll out was hardly a smooth one, and the new system crashed, the CFPB and the National Credit Union Administration found.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-10-25T13:55:00Z By Adrianne Appel
Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau said in new guidance.
2024-10-23T15:45:00Z By Adrianne Appel
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
2024-08-12T13:25:00Z By Adrianne Appel
Credit Repair Cloud and its chief executive will pay $3 million in combined penalties and put in place significant compliance measures over illegally charging customers, according to the Consumer Financial Protection Bureau.
2024-11-04T20:22:00Z By Aaron Nicodemus
Canada’s anti-money laundering regulator fined Toronto-based real estate firm Jones Lang Lasalle $107,827 Canadian dollars ($77,632) for six violations of its anti-money laundering rules, after discovering gaps in recordkeeping and reporting requirements for know your customer rules.
2024-11-04T14:44:00Z By Jeff Dale
Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
2024-11-01T15:40:00Z By Aaron Nicodemus
Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
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