CFPB: New Fraud Protection for Soldiers and their Families

Published

July 8, 2011

Contributing writer for Credit.com, Chris graduated with honors from the Columbia University Graduate School of Journalism, and has reported for a number of publications including The New York Times, TIME magazine and Popular Mechanics.

The government’s newest consumer watchdog says it will pay special attention to financial crimes committed against members of the military and their families. The Consumer Financial Protection Bureau and the judge advocate generals of all five military branches announced Wednesday that they will work together to spot and prosecute financial scams targeted at military families.

“Servicemembers and their families sacrifice a great deal for our country and they deserve advocates who will use every available resource to protect them from financial threats,” Holly Petraeus, director of servicemember affairs for the bureau, said in a press release.

[Article: In Defense of Consumer Protection]

The two agencies said they will work closely to track allegations of illegal financial practices, including predatory mortgages. The bureau will take the judge advocate generals’ advice as it crafts new reform legislation, and together they will try to improve financial literacy training for soldiers and their families.

“Too often our Soldiers, Marines, Sailors, Airmen, and Coast Guardsmen are targeted by predatory lenders and they become victims of unfair financial practices,” said the judge advocate generals, which act as the legal branch of the armed forces. ”This agreement recognizes the crucial role financial readiness plays in mission readiness.”

[Fraud Resource: Free Identity Risk Score and personal risk profile]

Image: D. Myles Cullen, via Flickr.com