Overview

• A July 1 order terminates the November 2024 consent decree that would have forced Navy Federal to refund $80 million and pay a $15 million fine for authorized positive overdraft fees.
• Authorized positive overdraft fees occur when debit transactions clear without sufficient funds days after initial approval, triggering unexpected charges for account holders.
• In a separate action published the same day, the bureau rescinded its case against Fay Servicing but will distribute $3 million in redress to affected consumers.
• Since taking charge, Vought has withdrawn about six consent orders and ended monitorships of Bank of America and Toyota as part of a wider rollback of CFPB enforcement.
• Consumer advocates warn the moves undermine protections for service members and other consumers by reducing oversight and limiting refunds for improper fees.