CFPB Looking Into Financial Products Targeted to Military Families

The Consumer Financial Protection Bureau (CFPB) is seeking public input on product and service protections tailored to service members and their families.

By analyzing the information provided, the CFPB’s Office of Servicemember Affairs will develop financial education and outreach initiatives for military families.

“Military families face unique challenges especially when it comes to their finances,” said Holly Petraeus, Assistant Director for the Office of Servicemember Affairs (OSA). “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 servicemembers and their families.”

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The Dodd-Frank Wall Street Reform and Consumer Protection Act (Wall Street Reform 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.

The OSA is looking for information on products and services as well as education and the marketing materials used to reach service-members.

Last week the Senate Banking Committee held a confirmation hearing for former Ohio Attorney General Richard Cordray, who was chosen by President Obama to lead the new agency.

Public comments are due 14 days after the notice is published and may be submitted here.

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