CFPB Terminates Consent Order Over Long System Outage that Blocked Account Access

The CFPB recently terminated a consent order with a Florida credit union and waived any related non-compliance with the consent order, which concerned a faulty online banking system upgrade that caused lengthy customer access issues.  WBK previously covered the consent order here.  The consent order included certain ongoing compliance requirements.

The CFPB states that the credit union has fulfilled certain consent order obligations, such as paying the $1.5 million penalty, and has taken steps to verify that all customers that submitted refund requests were refunded.