Navy Federal Fined $95M for Illegal Overdraft Fees by CFPB
TL;DR Summary
Navy Federal Credit Union has been ordered to pay over $95 million after the Consumer Financial Protection Bureau (CFPB) found it charged customers illegal overdraft fees from 2017 to 2022. The credit union collected nearly $1 billion in fees, including surprise charges on transactions with sufficient funds and fees from delayed peer-to-peer payments. Navy Federal will refund over $80 million to consumers and pay a $15 million civil penalty. The CFPB's action aims to eliminate illegal fees and protect consumers, including servicemembers and veterans.
Topics:business#cfpb#consumer-protection#finance#illegal-charges#navy-federal-credit-union#overdraft-fees
- Navy Federal Credit Union must pay more than $95 million for charging illegal overdraft fees WJXT News4JAX
- CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees Consumer Financial Protection Bureau
- Financial services: key global compliance updates (28 October – 8 November) Lexology
- CFPB Imposes $95 Million Fine on Large Credit Union for Overdraft Fee Practices The National Law Review
- CFPB sanctions Navy Federal for improper overdraft fees American Banker
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