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US CFPB orders Navy Federal Credit Union to pay $28.5 mln over debt collection issues
October 11, 2016 / 5:06 PM / a year ago

US CFPB orders Navy Federal Credit Union to pay $28.5 mln over debt collection issues

WASHINGTON, Oct 11 (Reuters) - U.S. consumer protection regulators ordered the Navy Federal Credit Union on Tuesday to pay $28.5 million in restitution and fines to settle civil charges alleging it made “false threats” about debt collection to its members.

The Consumer Financial Protection Bureau also said the credit union, which serves many active-duty and retired members of the military, moved to “unfairly” restrict access when its customers had a delinquent loan.

The Navy Federal Credit Union, which settled the charges without admitting or denying wrongdoing, is the largest credit union in the United States with more than $77.8 billion in assets as of June 30, 2016. (Reporting by Sarah N. Lynch; Editing by Chris Reese)

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