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.
Two historical antagonists, one a banking advocate and the other an outspoken credit union executive, joined forces when they traveled together to Washington to meet with federal banking regulators to talk about what they considered to be a crisis in community access to financial services.
Thad Woodard, pictured at far left, will retire as 37-year president/CEO of the North Carolina Bankers Association on Jan. 1, 2015.
Jim Blaine, pictured to the right of Woodard, has served as president of the $28.6 billion State Employees’ Credit Union, in Raleigh, N.C., for 35 years.
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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.
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.
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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