We Need Holly Petraeus
November 11, 2012
Unscrupulous financial service businesses continue to prey on military veterans and their families, who are targeted from all directions. First Command Financial Planning, for example, incurred a $12 million penalty for marketing an investment with an upfront charge of 50 percent, compared to the customary 1 percent to 5 percent. Insurance agents and companies, meanwhile, have been found to charge military personnel exorbitant fees for low-paying and unnecessary life insurance plans for soldiers -- who have low-cost options through the military. On the home front, Citibank, Ally Financial, JPMorgan Chase, and Wells Fargo have agreed to pay $25 billion in a settlement of charges that they had illegally foreclosed on the homes of deployed soldiers. In terms of learning, the for-profit higher education sector seeks to sign up students for their G.I. Bill benefits, even though many employers disregard the degrees of such institutions. With all of these financial dangers surrounding enlisted persons, the importance of Holly Petraeus and her position at the Consumer Financial Protection Bureau is increasingly clear. Formerly head of the Better Business Bureau’s outreach to military families, she was appointed last year as head of the CFPB's service members affairs division. In this role, she has been especially active in helping military families navigate housing issues.
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