{"id":75650,"date":"2025-07-17T19:18:42","date_gmt":"2025-07-17T19:18:42","guid":{"rendered":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/uncategorized\/2025\/07\/17\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\/"},"modified":"2026-08-08T16:34:02","modified_gmt":"2026-08-08T16:34:02","slug":"senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/pay-benefits\/mil-money\/2025\/07\/17\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\/","title":{"rendered":"Senators criticize CFPB for dropping action on troops\u2019 overdraft fees"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Eight Democrats in the Senate have expressed \u201cprofound alarm\u201d about the <a href=\"https:\/\/www.militarytimes.com\/news\/pentagon-congress\/2025\/02\/13\/watchdog-agencys-closure-could-lead-to-more-military-financial-scams\/\" target=\"_self\" rel=\"\" title=\"https:\/\/www.militarytimes.com\/news\/pentagon-congress\/2025\/02\/13\/watchdog-agencys-closure-could-lead-to-more-military-financial-scams\/\">Consumer Financial Protection Bureau\u2019s<\/a> decision to terminate a <a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_navy-federal-credit-union_termination-of-consent-order_2025-07.pdf\" target=\"_blank\" rel=\"noreferrer\" title=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_navy-federal-credit-union_termination-of-consent-order_2025-07.pdf\">consent order<\/a> involving Navy Federal Credit Union\u2019s alleged overcharging of overdraft fees. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the CFPB\u2019s original order issued in November 2024, Navy Federal agreed to pay at least $80.2 million in restitution to its members who were allegedly charged overdraft fees on their accounts unfairly. The <a href=\"https:\/\/apnews.com\/article\/navy-federal-credit-union-cfpb-trump-overdrafts-5e010e613b4d867c775573d2e9433870\" target=\"_self\" rel=\"\" title=\"https:\/\/apnews.com\/article\/navy-federal-credit-union-cfpb-trump-overdrafts-5e010e613b4d867c775573d2e9433870\">CFPB issued a termination notice<\/a> this month for that November order, without stating a reason.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Neither Navy Federal nor the CFPB responded to questions from Military Times about how much restitution \u2014 if any \u2014 had been provided to members of the credit union. Its membership is mostly made up of service members, veterans and their families. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The settlement reached in November 2024 wasn\u2019t clear about firm deadlines for paying restitution. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFPB also didn\u2019t respond to questions about why the consent order was terminated. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a letter Wednesday to Russell Vought, President Donald Trump\u2019s budget director and the acting director of the CFPB, the eight senators asked for an explanation for the termination. Among other requests for information, they want to know how much of the funds for restitution remains unpaid to affected consumers. They want answers by July 30. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFPB\u2019s July 1 decision to terminate the consent order \u201cappears to prioritize financial institutions over the very service members the Bureau is charged with protecting,\u201d the senators wrote. \u201cThe restitution funds intended to compensate harmed consumers are now at risk of being withheld.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> The original consent order alleged that Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when customers\u2019 accounts showed sufficient funds at the time of the transactions. In addition to the $80.2 million in restitution, CFPB ordered Navy Federal to pay a $15 million civil penalty to the CFPB\u2019s victims relief fund, and to stop charging illegal overdraft fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In that consent order, CFPB stated Navy Federal officials neither admitted nor denied any of the CFPB\u2019s allegations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a statement to Military Times, Navy Federal officials defended their overdraft program and said they supported CFPB\u2019s latest decision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cNavy Federal complied with all applicable laws and regulations at the time and continues to do so,\u201d Navy Federal said in the statement. \u201cWe firmly believe CFPB\u2019s decision to terminate the order was appropriate.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They stated their overdraft program \u201callows our members to make necessary, everyday purchases without going into long-term debt or turning to payday lenders.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Navy Federal is the largest credit union in the U.S., serving active-duty military, veterans, Department of Defense civilian employees and their families, of all branches of service. The credit union has nearly 15 million members and $190 billion in assets, according its website. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2024, the credit union took over the operation of the DOD\u2019s Community Bank locations located on 60 overseas military installations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the November consent order, CFPB stated that starting in 2017, Navy Federal received complaints from consumers expressing anger and confusion about overdraft fees charged, even though their available balances were high enough to cover the transactions at the time they were authorized. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Navy Federal officials began investigating some of the overdraft issues as early as June 2018 and made changes to their overdraft policies starting in September 2020, according to the November order.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The senators, led by Sen. Ruben Gallego, D-Ariz., noted that on April 16, CFPB pledged in a press release to \u201cfocus its enforcement and supervision resources on pressing threats to consumers, particularly service members and their families and veterans.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the senators contend the abrupt reversal of the consent order suggests the credit union\u2019s \u201cstated commitment to service members is little more than lip service.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to Gallego, the letter was signed by Sens. Angela Alsobrooks, D-Md., Catherine Cortez Masto, D-Nev., Tammy Duckworth, D-Ill., Chris Van Hollen, D-Md., Raphael Warnock, D-Ga., Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The senators asked how the action to terminate the consent order aligns with CFPB\u2019s publicly stated priorities. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among other questions, they asked how much of the $15 million originally designated for the CFPB victims relief fund was actually deposited. They also want to know whether affected consumers were notified about the termination of the consent order and that restitution requirements might be altered or withdrawn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Democrat lawmakers and advocacy groups have expressed concerns about the Trump administration\u2019s moves to cut back on CFPB\u2019s work. In the nearly six months since the administration has had control of the bureau, its leadership has focused almost exclusively on <a href=\"https:\/\/apnews.com\/article\/cfpb-trump-zelle-navy-federal-overdrafts-walmart-a35873d36fed83f5db76feaa844a1fb8\" target=\"_blank\" rel=\"noreferrer\" title=\"https:\/\/apnews.com\/article\/cfpb-trump-zelle-navy-federal-overdrafts-walmart-a35873d36fed83f5db76feaa844a1fb8\">rolling back any punishments, fines and penalties<\/a> made against companies during the Biden administration, The Associated Press reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.<\/p>\n","protected":false},"author":7,"featured_media":111409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":82,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[101,22,23,82,12,25,15,67],"tags":[],"coauthors":[3302],"class_list":["post-75650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-disaster","category-home","category-mil-money","category-news","category-newsletters","category-pay-benefits","category-pentagon-congress"],"acf":{"subheadline":"","legacy_arc_id":"AQY2Y7YD4FAT5GWMSM7ZUEEYWE","arc_canonical_url":"\/pay-benefits\/mil-money\/2025\/07\/17\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Senators criticize CFPB for dropping action on troops\u2019 overdraft fees - Marine Corps Times<\/title>\n<meta name=\"description\" content=\"CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/one.sightlinemg.com\/militarytimes\/management\/pay-benefits\/mil-money\/2025\/07\/17\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senators criticize CFPB for dropping action on troops\u2019 overdraft fees\" \/>\n<meta property=\"og:description\" content=\"CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/marinecorpstimes\/pay-benefits\/mil-money\/2025\/07\/17\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\/\" \/>\n<meta property=\"og:site_name\" content=\"Marine Corps Times\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-17T19:18:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-08T16:34:02+00:00\" \/>\n<meta name=\"author\" content=\"Karen Jowers\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Karen Jowers\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/pay-benefits\\\/mil-money\\\/2025\\\/07\\\/17\\\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/pay-benefits\\\/mil-money\\\/2025\\\/07\\\/17\\\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"migration\",\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/#\\\/schema\\\/person\\\/cc76c831bb37a926738c8391fca7a3b1\"\n\t            },\n\t            \"headline\": \"Senators criticize CFPB for dropping action on troops\u2019 overdraft fees\",\n\t            \"datePublished\": \"2025-07-17T19:18:42+00:00\",\n\t            \"dateModified\": \"2026-08-08T16:34:02+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/pay-benefits\\\/mil-money\\\/2025\\\/07\\\/17\\\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\\\/\"\n\t            },\n\t            \"wordCount\": 778,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/pay-benefits\\\/mil-money\\\/2025\\\/07\\\/17\\\/senators-criticize-cfpb-for-dropping-action-on-troops-overdraft-fees\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Credit_Cards_Late_Fees_Lawsuit_60167.jpg.jpg\",\n\t            \"articleSection\": [\n\t                \"Daily News Roundup\",\n\t                \"Disaster | Advertiser Safety\",\n\t                \"Home\",\n\t                \"Mil Money\",\n\t                \"News\",\n\t                \"Newsletters\",\n\t                \"Pay &amp; 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