the Navy Federal Credit Union has ordered The US Consumer Financial Protection Bureau, the largest credit union in the country, to pay $28.5m as a result of making “false threats” to members concerning debt collection. The credit union, which serves many active and former members of the US military, was also accused of “unfairly” restricting access for customers with delinquent loans. Of the $28.5m, $23m will be returned to customers while $5.5m will be paid as a fine.
The US Consumer Financial Protection Bureau has ordered the Navy Federal Credit Union, the largest credit union in the country, to pay $28.5m as a result of making “false threats” to members concerning debt collection. The credit union, which serves many active and former members of the US military, was also accused of “unfairly” restricting access for customers with delinquent loans. Of the $28.5m, $23m will be returned to customers while $5.5m will be paid as a fine.