CFPB terminates consent order against Navy Federal Credit Union

The Consumer Financial Protection Bureau has terminated an overdraft fee-related consent order against Navy Federal Credit Union.

The CFPB, which hit the Vienna, Va., credit union with the order in November, also waived any alleged non-compliance.

The order included a more than $95 million penalty for “illegal surprise overdraft fees,” including a $15 million civil penalty of $15 million and a mandate to refund $80 million in illegally paid overdraft fees.

“Navy Federal’s commitment to prioritize and protect our members is core to who we are. Our overdraft program allows our members to make necessary, everyday purchases without going into long-term debt or turning to payday lenders,” a representative said in a statement.

“Navy Federal complied with all applicable laws and regulations at the time and continues to do so,” the statement added. “We firmly believe the CFPB’s decision to terminate the order was appropriate.”