FRA Supports CFPB Military Affairs Office
In the wake of Congressional efforts to make substantial changes to law creating the Consumer Finance Protection Bureau (CFPB), FRA signed onto a letter to Congress, supporting CFPB’s Office of Servicemember Affairs (OSA).
The CFPB was created in 2010 and within the CFPB is the OSA, which is headed by Mrs. Holly Petraeus, wife of former CIA Director and four-star General David Petraeus. OSA works with bank examiners on military-specific issues and plans to make it easy for military and their families to contact the CFPB with questions or complaints about consumer financial products and services. The OSA was an FRA-supported provision in the 2010 financial regulation law. The need for OSA was demonstrated in 2011 when the House Committee on Veterans Affairs (HVAC) held hearings on banks ignoring the Servicemembers Civil Relief Act that indicated widespread abuse of SCRA. Mrs. Petraeus testified at one of the HVAC hearings, ensuring the committee that the OSA will work on educating military about their financial protections and best financial practices.