Servicemembers should be able to accomplish their mission without worrying about illegal or harmful financial practices. The Office of Servicemember Affairs is here to ensure that military personnel and their families have a voice at the Consumer Financial Protection Bureau (CFPB). Military life can have some extra challenges that can sometimes have powerful financial repercussions.
Our job is to make sure that the Bureau uses its powers to make markets work better so that they encourage good business practices and weed out bad ones.
The Office of Servicemember Affairs will ask CFPB bank and non-bank examiners to keep an eye out for military-specific issues. When we find out about people breaking consumer financial protection laws to harm Servicemembers, we’ll help CFPB enforcement teams take action against them. And we plan to make it easy for military personnel and their families to contact the CFPB with questions or complaints about consumer financial products and services.
We also plan to work with the Pentagon to give military personnel and their families a really good financial education, so they can recognize a bad deal before they sign on the dotted line. To be sure that we cover the important issues, we’ll talk to them about their concerns and experiences. We want to hear from active duty, Guard, Reserve, retirees, family members, and Veterans – the whole military community.
Our men and women in uniform should be able to do their jobs without having to worry about falling victim to unfair or deceptive financial practices.