Consent order against Navy Federal Credit Union could sink long standing credit union rights

first_img 45SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr On Tuesday the CFPB announced an enforcement order against Navy Federal Credit Union for engaging in unfair and Deceptive collection practices against delinquent  members whose accounts were delinquent.  One of the violations cited by the Bureau raises questions about one of the most fundamental precepts of credit union law: The right to restrict services to members who have caused a loss.According to the Bureau, Navy engaged in Unfair and Deceptive Practices by denying electronic account access and services for about 700,000 accounts after members  became delinquent on a Navy Federal Credit Union credit product. As explained in the press release “ This meant delinquency on a loan could shut down a consumer’s debit card, ATM, and online access to the consumer’s checking account. The only account actions consumers could take online would be to make payments on delinquent or overdrawn accounts.”To be clear, this practice was just one of a group of hardball collection practices some of which, if true, violated the Fair Debt Collections Practices Act. But the CFPB’s finding on Navy’s account practices is hard to square with one of the bedrock rules of credit union land.  As the NCUA has explained in opinion letters over the years . “Long standing legal interpretation is that an FCU may limit services to a member who has caused a loss” so long as the member retains the right to vote at the annual meeting and maintain a share draft account. continue reading »last_img read more

Celebrity doctor sells Brisbane riverfront investment property

first_imgDr Ingrid Tall, owner of Cosmetic Image Clinic, has sold her Norman Park investment property. Photo: Bruce Long.FORMER Australian Medical Association Queensland boss, media identity and political aspirant Dr Ingrid Tall has sold her Norman Park investment property for a tidy $2.32 million.Dr Tall, who now runs Cosmetic Images Clinics in the Brisbane CBD, has owned the property at 8 Wynnum Rd, Norman Park, for two decades.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREThis property at 8 Wynnum Rd, Norman Park, has just sold for $2.32m.The home at 8 Wynnum Rd, Norman Park, as seen from the front.The home has been snapped up by a couple of empty nesters moving from a large acreage property on Brisbane’s southside.While they might be downsizing in terms of the land and house, the buyers are certainly upsizing when it comes to views.MILLIONS CHANGE HANDS DURING HUGE AUCTION WEEKThe kitchen in the home at 8 Wynnum Rd, Norman Park.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe view from the deck at 8 Wynnum Rd, Norman Park.The four-bedroom riverfront home offers spectacular, panoramic views of the river and city.The traditional Queenslander-style house has a timeless gabled white and navy facade and retains original features such as wooden floors, VJ walls and high ceilings.BRISBANE HOUSE PRICES LEAVING SYDNEY FOR DEADInside the home at 8 Wynnum Rd, Norman Park.The property is very private, bound by only one neighbour and with Norman Creek on the other side.The house is two-storey and split into two completely separate, self-contained living zones.Sarah Hackett of Place negotiated the sale.Records show the property last sold for $822,000 in 2001.WHAT QUEENSLANDERS WANT IN A HOMEVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:29Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:29 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenChris Hemsworth’s Byron Bay mega-mansion00:29last_img read more