WASHINGTON—Count America’s Credit Unions among those supporting the CFPB’s unexpected decision to terminate its consent order against Navy Federal Credit Union over alleged overdraft abuses.
ACU shared its stance with CUToday.info shortly after a group of senators voiced “profound alarm” over the move and demanded answers from the Bureau.
As CUToday.info previously reported, Navy Federal was accused last November of “illegally harvesting tens of millions of dollars in junk fees,” with the credit union reportedly agreeing to refund $80 million to members and pay a $15 million penalty. But on July 1, 2025, the Consumer Financial Protection Bureau abruptly terminated the consent order—without explanation.
"America’s Credit Unions has stayed firmly opposed to the CFPB’s pattern under previous leadership of using consent orders to forward a specific policy or political agenda instead of actual regulation,” said ACU Chief Advocacy Officer Carrie Hunt. “We are encouraged that the current CFPB is reconsidering that approach. America’s Credit Unions stands for regulatory clarity and strong consumer protections against deceptive practices as defined by clear rules of the road. Credit unions, including Navy Federal, are proud of how they serve their members and are dedicated to following all applicable rules and laws. We are pleased the CFPB recognized this.”
The Defense Credit Union Council shared a similar perspective here.