- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-11-08T19:40:00
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau (CFPB).
The CFPB alleged Thursday that from 2017 to 2022, Navy Federal “charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions.” The credit union collected over $1 billion in overdraft fees in the five-year period, the CFPB said in a press release Wednesday.
Navy Federal Credit Union is the world’s largest credit union, according to its website, and has 14 million members globally. Membership is open to Department of Defense and Coast Guard active-duty personnel, veterans, civilian and contractor personnel, and their families.
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