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Navy Federal to pay $23 million to misled customers; cute dog ads don’t compensate
The Washington Post: The television commercials for Navy Federal Credit Union are so effective and sincere, you’d never know it’s an operation marked by mendacity, sham and deceit.
Before you get suckered in by the spot with the cute little Pomeranian kissing the big gruff Marine, find out why the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal to pay its victims $23 million and a $5.5 million penalty for shady debt collection activities.
In a consent order issued Tuesday, CFPB presented a litany of offenses by Navy Federal, including violating the law by blocking debit cards, ATM machines and online accounts, and making empty threats to contact clients’ military superiors about overdue debts. The credit union also intimidated customers with false threats to garnish wages.
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