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Navy Federal Fined $95M for Illegal Overdraft Fees by CFPB

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Source: WJXT News4JAX
Navy Federal Fined $95M for Illegal Overdraft Fees by CFPB
Photo: WJXT News4JAX
TL;DR

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:businessfinance#cfpb#consumer-protection#finance#illegal-charges#navy-federal-credit-union#overdraft-fees
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  1. Navy Federal Credit Union must pay more than $95 million for charging illegal overdraft fees  WJXT News4JAX
  2. CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees  Consumer Financial Protection Bureau
  3. Financial services: key global compliance updates (28 October – 8 November)   Lexology
  4. CFPB Imposes $95 Million Fine on Large Credit Union for Overdraft Fee Practices  The National Law Review
  5. CFPB sanctions Navy Federal for improper overdraft fees  American Banker

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