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Despite credit unions’ best efforts to comply with the Consumer Financial Protection Bureau’s new mortgage rules, the ride has not been smooth. Based on credit union feedback, I recommend credit unions focus on the following in the days ahead.
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Navy Fed Fined $95M for Illegal Overdraft Fees
The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
Joint Agency Investigation Led to CFPB Action Against VyStar Credit Union
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
CFPB Has Little History With Taking Action Against Credit Unions
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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