On July 18, the CFPB terminated a consent order against a credit union after confirming that the credit union fulfilled “certain obligations” under the original consent order, including paying a $1.5 million civil money penalty and conducting an audit confirming that all relevant fees and costs were refunded to members when requested. As previously covered by InfoBytes, the consent order was issued in October 2024 after the CFPB alleged the credit union violated the CFPA by mishandling changes to its online banking platform, which lead to service disruptions and purportedly left members without full access to banking services. In terminating the consent order, the Bureau also waived any alleged non-compliance with other parts of the original consent order.
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