Navy Fed to pay $95M for charging illegal overdraft fees
In largest penalty, CFPB orders $80M repaid to customers and a $15M fine
The Consumer Financial Protection Bureau today fined Navy Federal Credit Union for illegally charging customers overdraft fees, calling it the largest penalty the agency has levied against a credit union for illegal activities. The $177 billion, Vienna, Va.-based credit union allowed customers to make transactions beyond their available balances, then charged them surprise overdraft fees, […]
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