Navy Federal Credit Union unauthorized loans class action settlement

Navy Federal Credit Union (NFCU) agreed to a class action settlement to resolve claims that it failed to prevent third parties from opening unauthorized personal loan accounts in members’ names.

The Navy Federal Credit Union settlement benefits NFCU members who were provided a personal loan between Jan. 1, 2023, and Jan. 31, 2025, in which the loan application was submitted using a device NFCU did not recognize, the loan funds were deposited into the member’s account, the member disputed the loan as fraudulent, NFCU denied the claim in whole or in part and NFCU has not fully recovered the loan funds.

According to a class action lawsuit filed against NFCU, the credit union allowed third parties to open unauthorized loan accounts in members’ names. Plaintiffs claim NFCU failed to cancel the loans even after individuals impersonating NFCU personnel induced members to transfer the loan funds to unknown third parties.

Navy Federal Credit Union is a not-for-profit financial institution that serves members of the military, veterans and their families.

NFCU has not admitted any wrongdoing but agreed to a class action settlement to resolve these allegations.

Under the terms of the Navy Federal Credit Union settlement, NFCU will cancel all personal loans that are the subject of the settlement, request that credit reporting related to these loans be deleted and that NFCU will reimburse class members for any payments made on these loans, including any offset payments initiated by the credit union.

Class members can receive an additional $250 payment from the settlement by submitting a valid claim form. This payment will be made to class members’ deposit accounts with NFCU. If class members no longer have a deposit account with NFCU, the reimbursement payment and $250 cash payment will be sent by check via U.S. Mail.

The deadline for exclusion and objection is Nov. 9, 2026.

The final approval hearing for the Navy Federal Credit Union settlement is scheduled for Dec. 9, 2026.

To receive maximum settlement benefits, class members must submit a valid claim form by Nov. 29, 2026.

Who’s Eligible

The class action settlement benefits NFCU members who were provided a personal loan between Jan. 1, 2023, and Jan. 31, 2025, in which the loan application was submitted using a device NFCU did not recognize, the loan funds were deposited into the member’s account, the member disputed the loan as fraudulent, NFCU denied the claim in whole or in part and NFCU has not fully recovered the loan funds.

Potential Award

At least $250

Proof of Purchase

N/A

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

11/29/2026

Case Name

Edey, et al. v. Navy Federal Credit Union, Case No. 2:25-cv-554, in the U.S. District Court for the Eastern District of Virginia

Final Hearing

12/09/2026

Settlement Website

NFCULoanSettlement.com

Claims Administrator

Edey v. NFCU
c/o Settlement Administrator
P.O. Box 23668
Jacksonville, FL 32241
[email protected]
800-843-3807

Class Counsel

Kristi Kelly
Andrew Guzzo
Casey Nash
J. Patrick McNichol
Matthew Rosendahl
KELLY GUZZO PLC

Dale Pittman
THE LAW OFFICE OF DALE W. PITTMAN P.C.

Defense Counsel

Rachel Rodman
WHITE & CASE LLP