On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of Sections 1031 and 1036(a)(1)(B) of the CFPA, 12 U.S.C. §§ 5531 and 5536(a)(1)(B) related to the collection of certain overdraft fees from consumers, principally so-called “authorized positive, settle negative” transactions. The order terminating the consent order mentioned specifically terminating the credit union’s obligation to pay consumer redress of at least $80,689,100.
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