The top U.S. watchdog agency for consumer finance this week canceled a $95 million settlement reached last year with Navy Federal Credit Union, a lender officials in the prior administration had accused of illegally charging surprise overdraft fees, according to an order published Wednesday.
In a separate order also published Wednesday, the CFPB likewise canceled a November action against the nonbank mortgage company Fay Servicing over alleged violations of mortgage servicing laws.
The decisions were the latest moves by the U.S. Consumer Financial Protection Bureau to undo cases already concluded by the agency, which President Donald Trump has sought to shrink drastically if not eliminate outright.
Reuters: US consumer watchdog scraps $95 million ‘illegal fees’ settlement with Navy Federal Credit Union
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