Holly Petraeus, the director of the CFPB’s Office of Servicemember Affairs, along with Sen. Elizabeth Warren (D-Mass.) and Rep. Niki Tsongas, the head of the House Armed Services Committee, held a roundtable discussion with service members and veterans on Tuesday.
The discussion centered on the issues facing service members and their families, and the CFPB’s efforts to protect them from financial scams.
“We must take steps to protect armed servicemen and women, veterans, and their families who are often targeted by unfair and abusive financial practices,” Warren said. “Our servicemembers and military families contribute so much to our country, and we owe them the best.”
Tsongas said that the unpredictability of military life, in general, makes it difficult for service members to navigate the financial services industry.
“Unfortunately, this can leave them vulnerable to the detestable but very real predatory business practices of those who seek to take advantage of them…” Tsongas said. “I was a strong supporter of Wall Street Reform legislation, which established the CFPB, and I applaud both Senator Warren’s advocacy for creating this unique and essential agency and Holly Petraeus’s leadership in the Office of Service Members Affairs. Together, we have enacted common sense initiatives to ensure our servicemembers successfully transition to civilian life. We have an obligation to protect those who protect us and I am grateful the CFPB is making such a truly significant impact.”