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US consumer watchdog scraps $95 million 'illegal fees' settlement with Navy Federal Credit Union
UNITED STATES, JUL 1 – The Consumer Financial Protection Bureau ended a $95 million settlement that included an $80 million refund and $15 million fine for Navy Federal Credit Union's overdraft fee practices.
- The Consumer Financial Protection Bureau scrapped a $95 million settlement with Navy Federal Credit Union over illegal overdraft fees.
- Under the previous settlement, Navy Federal would have paid a $15 million fine and refunded $80 million in overdraft fees.
- The Trump administration's move to undo the settlement is an example of undoing work done under the Biden administration.
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US consumer watchdog scraps $95 million 'illegal fees' settlement with Navy Federal Credit Union
The top U.S. watchdog agency for consumer finance this week canceled a $95 million settlement reached last year with Navy Federal Credit Union, a lender officials in the prior administration had accused of illegally charging surprise overdraft fees, according to an order published on Tuesday.
·London, United Kingdom
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Coverage Details
Total News Sources47
Leaning Left8Leaning Right5Center28Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 20%
C 68%
12%
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