CFPB Examines Financial Products for Military Members

The Consumer Financial Protection Bureau (CFPB) is now accepting comments from financial institutions, servicemembers and the public about the products currently offered to, and used by, the military and their families. The feedback will be used by the CFPB’s Office of Servicemember Affairs (OSA) to create financial education and outreach programs for the military. The program, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is headed by Holly Petraeus, aims to help military families choose financial services and products. “Military families face unique challenges especially when it comes to their finances,” Petraeus said. “By identifying the products and services that aim to assist their particular needs, our office will be able to better serve servicemembers and their families,” she added. OSA is seeking input on financial education and specifics on programs constructed for servicemembers that exceed those required by statute, as well as data on the types of programs to assist servicemembers that are already established. In addition, OSA would like feedback on effective marketing strategies that are being used to reach servicemembers. The feedback period will end Sept. 20, 2011. Comments can be submitted online.

HousingWire (09/08/11) Panchuk, Kerri