Protecting Military Families from Predatory Lenders

Holly Petraeus, Assistant Director for Service member Affairs, speaks with service members at Ft. Myer in Arlington, VA. Photo courtesy of the CFPB website.

Military family finances will be the topic of two town hall meetings Tuesday in Jacksonville, Florida and featuring Holly Petraeus, the assistant director of Consumer Financial Protection Bureau and wife of CIA Director David Petraeus, retired Army General.

Holly Petraeus will be joined by Florida Lt. Governor Jennifer Carroll, a Navy veteran, for the meetings at the Naval Station  Mayport which are open to military service members.

They hope to hear directly from sailors, service members and their families about their financial concerns. Mrs. Petraeus recently listed what she’s found to be the top financial issues concerning military families:

  • The Housing Meltdown – military families are hit hard when they receive orders to move. Often they can’t sell, they can’t rent and can’t refinance.
  • Aggressive marketing by for-profit colleges to military personnel and their families.
  • Car loans where service members are often sold clunkers at inflated prices with high financing charges.

In the article, Mrs. Petraeus writes:

A big part of my job is to educate service members about their rights under existing consumer financial laws, and to give them the information they need to make wise financial decisions. I will continue to work to help identify effective consumer protection measures that will work on behalf of military service members.

You can read more on the Consumer Financial Protection Bureau blog HERE.

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One Response

  1. These predatory people should be put on the front lines in their own group! They’d turn on each other in a second. If any survived they would treat anyone and everyone better.

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