On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union. The original order alleged that the credit union had engaged in unfair practices related to its online and mobile banking services, in violation of Sections 1031 and 1036(a)(1)(B) of the Consumer Financial Protection Act (CFPA). As part of the consent order, the credit union agreed to pay a $1.5 million civil money penalty and committed to a series of remedial actions, including conducting an audit to ensure that all improperly charged fees and costs were refunded to affected members who submitted requests.
The CFPB’s termination order confirms that the credit union has fulfilled its obligations under the consent order by paying the civil money penalty and taking steps to verify compliance through internal auditing mechanisms, specifically addressing the issues outlined in the consent order. The CFPB, exercising its authority under 12 U.S.C. § 5563(b)(3), both terminated the consent order and waived any alleged non-compliance, signaling its satisfaction with the credit union’s remediation efforts. The termination also lifts any remaining obligations under Paragraphs 56 and 57 of Section VIII of the original order.
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