Vystar pays $1.5 million for alleged lack of due diligence with launch of troubled banking system
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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