.svg)
Cyprus Considers Banning Cash Transactions Over €10,000
Lawmakers in Cyprus are considering a new amendment that would ban the use of cash for transactions of €10,000 or more, according to local media reports.
If successful, the move would amend the Prevention and Combating of Money Laundering Activities Law of 2007.
The proposal is backed by key authorities and financial institutions, including the police, the customs department, the Central Bank of Cyprus, the Association of Cyprus Banks and the Cyprus Securities and Exchange Commission.
Tax commissioner Sotiris Markides has also suggested a gradual reduction of the cash transaction limit to €5,000 and ultimately to €1,000, alongside fines and prison sentences for rule-breakers.
US CFPB Orders VyStar Credit Union To Pay $1.5m Over Botched System
The US Consumer Financial Protection Bureau (CFPB) has ordered VyStar Credit Union to pay a $1.5m enforcement penalty after a failed system upgrade left customers without access to their accounts.
“VyStar and its senior management bungled the credit union’s rollout of a new banking system and left customers stranded without online access to their accounts,” said CFPB director Rohit Chopra. “VyStar’s careless errors inflicted financial harm on their credit union members.”
Following the erroneous online banking rollout in May 2022, VyStar members faced months of limited or no access to their accounts, incurring fees as they struggled to manage their finances.
VyStar's rushed system switch brought banking functions to a standstill, with critical features offline for extended periods.
The CFPB’s investigation, conducted in partnership with the National Credit Union Administration, found that VyStar violated consumer protection laws by failing to establish proper testing protocols, leaving customers financially stranded.
The CFPB’s enforcement requires VyStar to refund affected members’ fees, implement new protocols for future upgrades, and contribute the $1.5m fine to the victims relief fund.
