After the financial crisis of 2008, regulators found that military families were proving to be particularly vulnerable to financial rip-offs. Abusive mortgage practices, deceptive car loans, unscrupulous lenders and sellers of all kinds of financial products have caused headaches for many military families, particularly those with service members abroad.
After gathering information about those bad practices, the newly opened Consumer Financial Protection Bureau now wants to hear from members of the military and their families about what they have found to be the best financial products and services tailored to them. The goal is to develop financial education and outreach initiatives for military families.
Holly Petraeus, the assistant director of the Office of Servicemember Affairs , a division of the consumer bureau responsible for protecting military families from financial swindles, said Wednesday that the office was seeking information on programs, policies and benefits offered by financial service providers to military families; homeowner assistance programs, including mortgage modification services; financial education opportunities offered to service members, in person and online; and marketing and communication strategies that are used to attract service members to products.
“Military families face unique challenges especially when it comes to their finances,” said Mrs. Petraeus, whose husband is David H. Petraeus, the retired general who is now the director of the C.I.A. “We believe that open dialogue is key to addressing these challenges. By identifying the products and services that aim to assist their particular needs, our office will be able to better serve service members and their families.”
The timeline for submitting public comments is a short one, however. Comments are due Sept. 20 and can be submitted by e-mail to MilitaryResponse@cfpb.gov or online at www.regulations.gov.