CFPB Issues Report on Military Complaints
The Consumer Finance Protection Bureau (CFPB) Office of Service Members Affairs (OSA) issued a report on its efforts to help military personnel with their financial challenges. The report indicates that 3,455 complaints were received at OSA during 2012. Mortgage grievances predominate, followed by credit card and credit reporting complaints. OSA also responds to protests related to bank accounts/service, student loans, and vehicle or consumer loans.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. – 111-203) created the Bureau, which was launched in July 2011 and is the first federal agency solely focused on consumer financial protection. FRA successfully advocated for inclusion of an Office of Service Member Affairs in the legislation that would assist the whole military community: active duty and Reserve personnel, retirees, family members and veterans.