Holly Petraeus, the assistant director of the CFPB’s Office of Servicemember Affairs, said that between between July 2011 to July 2013, the agency received over 4,000 complaints from veterans and their family members regarding financial products and services.
Complaint volume has risen steadily over time. Approximately 49 percent of complaints are related to mortgages, followed by 18 percent related to credit cards and 13 percent related to bank account or service complaints.
“[T]hese complaint statistics aren’t just numbers to us: they represent military and veteran families and we know the impact consumer financial issues can have on their quality of life,” Petraeus said. “Although we can’t promise specific results, I encourage servicemembers, veterans, retirees, and military spouses to go to consumerfinance.gov and file a complaint if they are having problems with a mortgage, credit card, student loan, or other consumer financial product. And I think it’s fair to say that our Consumer Response team is making a real difference for many veterans and their families.”
Petraeus said that while more work remains, the CFPB’s efforts “will help protect against some of the most egregious abuses we’ve seen in the past.”
“That said, we intend to keep working with groups from the above agencies to see that the order is implemented in a way that best serves our military and veterans,” Petraeus said.