CFPB Turns Its Attention To Soldiers

Though the CFPB does not have a permanent director as yet, it is still going about its work. The consumer watchdog turned its attention to the soldiers asking them and their families to write to them about the financial products and programs et al that help them financially.

Holly Patraeus, chief of service member affairs, CFPB, stated in a press release made last week that,” Military families face unique challenges especially when it comes to their finances. 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”.

With this statement, the bureau has proved that it is taking its work as the consumer watchdog in earnest. It has expressed its desire to know everything that a military family needs, from payday loans and mortgages to credit cards and many more. They also wish to know about the marketing of these products and the programs that educate them about all of these.

This press release comes on the heels of the news last month regarding the destruction of soldiers’ credit in a computer scam. The company SmartBuy is being sued for fraudulent operations against service members. It has been accused of buying computers and other electronics from retailers and reselling them to service members at exorbitant prices and charged high interest rates. The scam was brought out in the open after a soldier was offered a new computer, when his 13 month old system broke down, but only if he signed a waiver that promised that he would not sue the company.

CFPB is working to ensure that such soldiers are not victims of frauds and that they get good, honest deals.