WASHINGTON Oct 11 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)