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Dodd-Frank

Holly Petraeus and CFPB Analyzing Financial Products Tailored to Servicemembers

by   |   September 11, 2011

The Consumer Financial Protection Bureau, or CFPB, has announced that it is seeking public input on consumer financial products and services tailored to servicemembers and their families. The information provided will help the CFPB’s Office of Servicemember Affairs, or OSA, to develop financial education and outreach initiatives for military families.  The OSA is headed by Holly Petraeus.

The Dodd-Frank Wall Street Reform and Consumer Protection Act charged the CFPB with, among other things, educating and empowering servicemembers and their families to make better informed decisions when choosing financial services and products. In keeping with this commitment, the CFPB is asking consumers, financial service providers, organizations, and other members of the public to provide information on consumer financial products and services aimed at servicemembers.

The OSA is seeking information on:

  • Products and Services: The consumer financial products and services that are currently offered to or used by servicemembers and their families, including those that are specifically tailored to their unique financial needs.
  • Education: The financial education opportunities that are offered to servicemembers and their families, both in person and online.
  • Programs: The types of programs, policies, accommodations, and benefits that financial service providers currently provide to servicemembers and their families that may exceed those required by statute.
  • Homeowner Assistance: The types of unique assistance offered by financial service providers to servicemembers and their families who are distressed homeowners, such as: mortgage modifications; accommodations for servicemembers with Permanent Change of Station Orders; and assistance for wounded, ill or injured servicemembers or surviving spouses of deceased servicemembers.
  • Marketing and Communication: The marketing and communication strategies that are currently used to inform servicemembers and their families of consumer financial products and services, and those that are most and least effective.

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