CFPB's Petraeus Targets Gaps in Financial Education, Services for Military

December 19, 2011
American Banker 
consumer financial protection bureau news

A recent forum hosted by the Consumer Financial Protection Bureau's Office of Servicemember Affairs focused on the gap in financial education among members of the military and indicated that the office will work with federal and state agencies to raise awareness about consumer protection issues, such as payday loans. In early 2012, servicemembers will have access to an education product via computer or smartphone that enhances the financial aid course provided during basic training. Military spouses, typically left in charge of household finances during deployments, may soon have access to a similar education product. Meanwhile, the office is promoting programs offered by banks and credit unions to servicemembers as alternatives to payday loans, allowing them to obtain short-term, small loans with 12 percent to 18 percent interest rates.
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