Holly Petraeus, who has extensive experience working on consumer issues affecting members of the military, was named today to head the implementation of the Office of Servicemember Affairs of the Consumer Financial Protection Bureau.

"Holly understands--from both her personal experience as a military spouse and her work as Director of the Better Business Bureau Military Line--that men and women in our armed forces encounter unique financial obstacles," said Elizabeth Warren, who is the point person in setting up the bureau.

Petraeus is a former Army civilian employee and has done considerable volunteer work on military family programs. She is the wife of Gen. David Petreaus, the commander of the security forces in Afghanistan.

The bureau, which was set up by the financial regulatory overhaul bill passed by Congress last year, is scheduled to begin operating later this year. It will be housed inside the Federal Reserve but will be headed by an independent director who will be appointed by the President and confirmed by the Senate.