Navy Federal Credit Union in Vienna, Va., must pay $95 million to address claims by the Consumer Financial Protection Bureau that it charged illegal overdraft fees from 2017 to 2022.
The CFPB ordered the $171 billion-asset Navy Federal to refund more than $80 million to consumers and pay a $15 million civil penalty to the bureau’s victims relief fund.
“Navy Federal illegally harvested tens of millions of dollars in junk fees, including from active duty servicemembers and veterans,” CFPB Director Rohit Chopra said in a press release. “The CFPB’s work to rid the market of illegal junk fees has saved American families billions of dollars.”