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

Alliant Credit Union in Chicago has a new leader. The $20.3 billion-asset credit union said that Dennis Devine had stepped down as CEO. Ken Schaafsma, Alliant's chief risk officer, was named interim CEO. Devine, a former KeyCorp executive, had been the credit union's CEO for the past four years. The digital-only Alliant is the nation's seventh-largest credit union.

A group has applied to form a bank in New Orleans. Organizers submitted an application to the Federal Deposit Insurance Corp. on Oct. 30 to create InclusiveBANK. The application wasn't immediately available. A public notice tied to the application lists eight organizers: Henry Coaxum Jr., Caroline Fayard, Srinivas Kata, Beverly Matheney, Russell Russo, Allison Young, Robert Matheney and Kimberly Dao Russo.

An investor group has completed its purchase of First State Bank of Decatur in Michigan. GTSB Financial said in a press release that it will seek regulatory approval early next year to rebrand First State as Grand Traverse State Bank. Rob Farr, GTSB's president, will lead the bank's operations. Connie Deneweth, former CEO of Traverse City State Bank, is the bank's vice chairman.

The Consumer Financial Protection Bureau is considering issuing an enforcement action against Capital One Financial in McLean, Va., in connection with claims that online savings accounts tricked some consumers into believing they were getting high rates. Capital One disclosed in its quarterly filing with the Securities and Exchange Commission that it received a civil investigative demand from the CFPB in August. The bureau then issued a notice of opportunity to

Technology firm nCino in Wilmington, N.C., has agreed to buy U.K.-based Software-as-a-Service platform FullCircl. The acquirer said in a press release that it will pay $135 million in cash for the SaaS company, though nCino will retain $15 million of the consideration for two years "as security for the performance of certain warranties and covenants." The companies first partnered in 2023 to add FullCircl capabilities to nCino's platform. The acquisition

Franklin Financial Services in Chambersburg, Pa., is looking for a new president and CEO. The $2.2 billion-asset Franklin disclosed in a regulatory filing that Timothy Henry, who is also the bank's president and CEO, will retire on April 29. The board has formed a succession and search committee to identify and engage a successor.

Sterling Bancorp in Southfield, Mich., chose to sell its bank to EverBank in Jacksonville, Fla., after a group of experienced bankers failed to secure a lead investor to finance a separate deal. EverBank agreed in September to buy Sterling Bank and Trust for $261 million in a deal expected to close in the first quarter. Thomas O'Brien, who was hired as Sterling's CEO and tasked with helping the bank resolve