Pamela – over the course of five years, Navy Federal Credit Union charged servicemembers, veterans, and other customers illegal overdraft fees, even when their accounts showed sufficient funds at the time of purchase. Navy Credit Union stole millions of dollars directly from our veterans and their families.
Under the Biden-era CFPB, Navy Federal admitted wrongdoing, agreed to stop, and promised to pay back $80 million to military families. These overdraft fees are predatory; siphoned from the checking accounts of military personnel, veterans, and their families. These people are owed this money.
But when Trump took office, his hand-selected CFPB chief rescinded the order requiring Navy Federal to repay its victims. Yup, you read that right. The $80 million in refunds, the money Navy Federal Credit Union already admitted it owed because it scammed their customers which include our veterans, won't reach the pockets of people it was stolen from.
The Trump administration is greenlighting corporate crime. If you're rich, you can get away with anything, and this is a prime example of that happening. But our veterans deserve better. Americans deserve better. We can't continue to greenlight this predatory behavior, especially against those who have given so much to our country.
Demand Navy Credit Union's CEO to repay the $80 million it owes to our military families – and agreed to pay – now.
In solidarity,
Mike Phelan
Progress America
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