Navy Federal Credit Union
Today the Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for making false threats about debt collection to its members, which include active-duty military, retired servicemembers, and their families. The credit union also unfairly restricted customers’ account access when the consumers had a delinquent loan. Navy Federal Credit Union will correct its debt collection practices, give approximately $23 million in redress to victims, and pay a $5.5 million civil money penalty.
CFPB Orders Navy Federal Credit Union to Pay $28.5 Million for Improper Debt Collection Actions