Freezing Share records each time a known Member is Delinquent on that loan
Authored by Benjamin M. Litchfield, Regulatory Compliance Counsel
Greetings to all or any of you available to you in regulatory conformity land. In light associated with CFPB’s current permission purchase with Navy Federal Credit Union, we received some concerns asking under just exactly exactly what circumstances federal credit unions are allowed to freeze or limit acce up to a share account whenever a part is delinquent on that loan.
Article II, Section 4 of this Federal Credit Union Bylaws grant federal credit unions the authority loannow loans near me to restrict solutions or acce to credit union facilities to a part that is troublesome to credit union operations. Read more