US EditionUS consumer watchdog scraps $95 million 'illegal fees' settlement with Navy Federal Credit Union
- 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.
·United Kingdom
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Associated Press News+28 Reposted by 28 other sources
Consumer Financial Protection Bureau dismisses $95M overdraft case vs. Navy Federal Credit Union
The Consumer Financial Protection Bureau, led by President Trump’s administration, has dropped a case against Navy Federal Credit Union.
·United States
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The legacy of the Consumer Financial Protection Bureau
Since its creation 14 years ago the Consumer Financial Protection Bureau has used its powers to return billions of dollars to defrauded consumers. Now the Trump administration wants to close it. What the CFPB has meant for consumer protection in the U.S.
·Boston, United States
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Total News Sources36
Leaning Left6Leaning Right5Center21Last UpdatedBias Distribution66% Center
Bias Distribution
- 66% of the sources are Center
66% Center
L 19%
C 66%
R 16%
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