Onsite Coverage: Consumer Bureau to Have Special Focus on Military
SAN FRANCISCO —The new Consumer Financial Protection Bureau will pay special attention to the financial needs of military personnel and be sure that lenders don't exploit them.
That's the pledge made by Holly Petraeus, who runs the new CFPB's Office of Servicemember Affairs, during a speech Wednesday at NAFCU's Defense Credit Union Summit.
She said on her visits at military facilities top concerns include high rates of indebtedness, difficulties selling houses and the long time it takes to get professional licenses renewed when military families move.
Petraeus, whose husband, David Petraeus, is a four-star general and key architect and implementer of American military strategy in Iraq and Afghanistan, said the new agency would also review the content of the military's financial education programs and see if they can be made more effective.
She said the top priorities of the CFPB, which begins operations on July 21, are making sure that consumers understand the costs and risks of mortgages, enable consumers to compare the costs of credit products and to be a cop on the beat to ensure lenders are playing by the rules.