From the Archives: Holly Petraeus Joins the Consumer Financial Protection Bureau
05:28 PM EST
The Consumer Financial Protection Bureau (CFPB) was established to protect American consumers from unfair, deceptive or abusive practices at the hands of financial services providers—banks, credit card companies, mortgage and payday lenders, and debt collectors to name a few.
One group in particular is often at risk of being targeted by unscrupulous lenders: servicemembers and their families who find themselves in financial trouble and strapped for cash to cover debts and expenses due to the unique challenges members of the military face.
This week last year, the Consumer Financial Protection Bureau announced that Holly Petraeus would lead the Bureau’s Office of Servicemember Affairs. The office is charged with ensuring that those who serve in the military are able to focus on their jobs and their families without having to worry about getting trapped by abusive financial practices.
The Office of Servicemember Affairs ensures that:
- Military families receive the financial education they need to make the best financial decisions for them
- Complaints and questions from military families are monitored and receive responses
- Federal and state agencies coordinate their activities to improve consumer protection measures for military families
Petraeus, the mother, sister, daughter, granddaughter, great-granddaughter, and spouse to servicemembers, and former director of the Better Business Bureau Military Line, has been busy since taking her new position at CFPB.
Find out more about what she’s been up to:
- Read: Holly Petraeus testifies about the Office of Servicemember Affairs before the Senate Committee on Banking, Housing, and Urban Affairs
- Learn more: CFPB’s resources to help servicemembers plan for their futureand protect their finances.
- Watch: Holly Petraeus gives tips to servicemembers and their families in a CFPB video.
To learn more about CFPB, the first-ever Federal agency charged with protecting American consumers, see:
- Consumer Financial Protection Bureau 101: Why We Need a Consumer Watchdog
- Reining in Predatory Lenders with a Consumer Watchdog