DoD, CFPB Create Partnership to Protect Service Members
Defense Department (DoD) and Consumer Financial Protection Bureau (CFPB) officials recently signed an agreement that underscores their partnership to protect the finances of service members. The DoD and CFPB will work in partnership to monitor market trends directed at service members and their families, coordinate consumer protection measures, identify risky small-dollar loans, and identify ways to improve laws related to financial protections for military members and their families.
The Principles of Cooperation between the DoD and the CFPB include the following goals:
- Protecting service members and their families from illegal consumer financial practices and products;
- Enabling the DoD and CFPB to provide input to one other to reduce financial risk for service members and their families;
- Working together to address consumer financial concerns of military members and their families;
- Reducing risk in the small-dollar lending market; and
- Supporting financial literacy among service members and their families.