CFPB's Petraeus Targets Gaps in Financial Education, Services for Military
American Banker
December 19, 2011
Davidson, Kate
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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