Travis Personnel Learn More About Predatory Lenders

Vallejo Times Herald (CA)
May 20, 2012
Murphy, Melissa

Dishonest bank lenders and scam artists are targeting military men and women, many of whom are young and financially naive. In response, federal and state officials are teaming up to prevent military personnel from being victimized. At a recent town hall meeting at Travis Air Force Base, Holly Petraeus -- assistant director of the Consumer Financial Protection Bureau's Office of Servicemember Affairs -- and California Attorney General Kamala Harris met with about 250 airmen to discuss financial struggles and the programs available to them. Staff Sgt. Daniel Villegas said that when he joined the military at 19, he already had a lot of debt but found assistance through the Family Readiness Center. Personal finance readiness manager Thomas Day noted that regular workshops can help military personnel get out of debt. Some practices, such as cash advances, can take advantage of enlisted persons by repeatedly loaning them money and getting them into a cycle of debt. Harris has suggested that banks be required to notify military personnel of their rights under the Servicemember Civil Relief Act before filing for foreclosure. The law makes service members eligible for various mortgage-related protections, including a fixed interest rate and possible payment deferment.
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