Anchors Aweigh! Navy FCU to Pay $28.5 Million for Debt Collection Policies

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Anchors Aweigh! Navy FCU to Pay $28.5 Million for Debt Collection Policies

Oct, 13th 2016

The Navy Federal Credit Union must pay $28.5 million for breaking the law with its debt collection practices, according to a consent order issued by the Consumer Financial Protection Bureau Tuesday.

According to the CFPB, the credit union — an armed forces bank serving many members of the military and their families — used threatening debt collection tactics against consumers between January 2013 and July 2015, violating the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Twenty-three million dollars will go to consumers who were intimidated, and the remaining $5.5 million will go to the the CFPB's civil penalty fund.

The union's unfair practices, according to the CFPB, included unlawfully limiting members' access to their accounts and making unauthorized threats — to inform service...

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