CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.

Former officials from the Consumer Financial Protection Bureau, or CFPB, are calling the watchdog's choice to let Navy ...

A group of senators says they have "profound alarm" and are demanding answers over the unprecedented decision by the ...

The CFPB dismissed an order requiring NFCU to refund $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty to victims relief fund. The CFPB originally ...

Key takeaways Overdraft fees average $27 per transaction according to Bankrate’s 2024 checking account survey, but many major banks have eliminated or reduced these charges.

Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.

Consumer Financial Protection Bureau dismisses $95M overdraft case vs. Navy Federal Credit Union The credit union will no longer have to refund servicemen and women for illegally charging them ...

President Donald Trump's rapid pullback of the U.S. Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly ...

As early as 2015, federal regulators, including the CFPB and the Federal Reserve, began cautioning financial institutions against charging these surprise overdraft fees.