CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB ...

Former officials from the Consumer Financial Protection Bureau, or CFPB, are calling the watchdog's choice to let Navy Federal Credit Union off the hook for charging its members millions in illegal ...

A group of senators says they have "profound alarm" and are demanding answers over the unprecedented decision by the government's consumer watchdog to drop its case against Navy Federal Credit Union ...

Congress overturned a rule that would have capped overdraft fees at some banks and credit unions. Consumer Investigator ...

Technically, the CFPB plans to propose eliminating an exemption for overdraft services from complying with the Truth in Lending Act. Chopra said consumers have paid an estimated $280 billion in ...

While overdraft fees have been a lucrative line item for the industry, generating $280 billion in revenue since 2000 according to the CFPB, banks’ revenue from the service has been on the decline.

Since the CFPB began tackling junk fees, many banks have reduced or eliminated overdraft fees, saving consumers billions. However, overdraft fees still totaled $5.8 billion in 2023.

The CFPB says this will save a household that pays overdraft fees $225 a year — $5 billion in annual savings for American consumers in total. Consumer-focused organizations praised the new rule.

He said that overdraft fees were never meant to be a major profit driver for banks. The CFPB claims the rule will save consumers $225 per household or $5 billion a year. "The CFPB is cracking down on ...

Consumers will save up to $5 billion in bank and credit union overdraft fees each year in a reform finalized Thursday by the U.S. Consumer Financial Protection Bureau.

The CFPB’s final rule, effective October 1, 2025, introduces several significant changes to how large financial institutions can manage and charge for overdraft services: Cap on Overdraft Fees ...

When Navy Federal entered into its settlement with the CFPB, it not only agreed to the repayments and the fine, but also to stop charging the banned overdraft fees. Both former CFPB officials who ...