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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.
2024-11-20T18:15:00Z By Aaron Nicodemus
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
2024-11-19T21:05:00Z
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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