Navy Federal Credit Union will pay $23 million to members and a $5.5 million civil penalty for making false threats about debt collection to active-duty military service members, retired service members, and their families, the Consumer Financial Protection Bureau said Tuesday.
The Vienna, Va.-based credit union also unfairly restricted account access when members had a delinquent loan, according to the CFPB. The CFPB investigation found that Navy FCU deceived members to get them to pay delinquent accounts and falsely threatened severe actions when it seldom took such actions or did not have authorization to take them.
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