If you're a Navy Federal customer and have ever been behind on payments, you may be in for some extra cash.
The Consumer Financial Protection Bureau (CFPB), whose military arm is famously led by Holly Petraeus, this week announced that Navy Federal must pay $28.5 million in fines and restitution for some shady and illegal collection practices conducted between 2013 and 2015.
Among the CFPB's finding's was that the credit union sent threatening letters to users behind on payments. Those letters suggested things like legal action and wage garnishments and lied about the impact of being behind on their credit score. They also threatened to contact members' chain of command, a big no-no.
You can read the full Military.com story about this over here.
Of that $28.5 million, $23.5 million is going back to Navy Federal members who received the letters. So how do you know if you get money as a part of this?
First of all, if you received some kind of threatening debt collection letter, you probably qualify for restitution under this settlement. And if you received a letter threatening to contact your chain of command, you will receive at least $1,000, CFPB said.
As part of the settlement, Navy Federal will be contacting impacted users themselves. But if you really want to know more, Navy Federal officials said you should contact them directly.
"If any of your readers have questions, please have them contact Navy Federal," a spokesperson there told me.
So give them a call: 1 (888) 842-6328.
