News & Analysis as of

Regulatory Violations Credit Unions

Orrick, Herrington & Sutcliffe LLP

CFPB cancels consent order with a federal credit union

On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of...more

Ballard Spahr LLP

CFPB takes action against VyStar Credit Union for faulty rollout of online banking platform

Ballard Spahr LLP on

The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more

Bradley Arant Boult Cummings LLP

Banks and Credit Unions Utilizing Ineffective Chatbots May Risk Violating Federal Law

In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law...more

Ballard Spahr LLP

DOJ enters into settlement with credit union to resolve alleged SCRA violations in connection with vehicle repossessions

Ballard Spahr LLP on

The Department of Justice recently entered into a settlement with Hudson Valley Federal Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by...more

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