The verdict: VyStar Credit Union’s botched digital banking platform rollout cost it $1.5 million in fines because it caused financial harm to its customers, per the Consumer Financial Protection Bureau (CFPB). Here’s what happened:
A failed rollout: VyStar planned to transition to a new online and mobile banking platform in May 2022. The credit union anticipated some service interruptions during the transition, but the actual outage lasted much longer than expected.
- When the platform launched, the system wasn’t ready—leading to functionality problems and outages. The platform was taken offline shortly after launch for repairs.