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Navy Federal settles with CFPB over ‘OOPS’ overdraft service but denies wrongdoing
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Banking, Consumer Protection, Industry Regulation
Friday, November 8, 2024
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The Consumer Financial Protection Bureau ordered Navy Federal Credit Union to pay $95 million for charging illegal overdraft fees through its “Optional Overdraft Protection Service,” known as “OOPS.” Navy Federal issued a statement denying the alleged wrongdoing but agreed to pay the amount, which is the largest total the bureau has ever collected from a credit union.
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