Navy Federal Exits CFPB Overdraft Settlement as Trump Axes Deals

Navy Federal Credit Union potentially avoided having to pay as much as $80 million in redress to harmed consumers and escaped monitoring mandated under a 2024 overdraft settlement as the Consumer Financial Protection Bureau continues to undo Biden-era enforcement actions.

Navy Federal was required to repay harmed customers, including military personnel, and submit to five years of monitoring as part of the overdraft fee settlement announced in November, which also included a $15 million civil penalty.

But the country’s largest credit union will no longer be required to move forward with the settlement’s requirements, the CFPB said in a Tuesday ...