OnWatch is a quarterly newsletter of the Fleet Reserve
Association
OnWatch June 24,2024
CFPB OSA Annual Report
The
Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember
Affairs (OSA) was established under the 2010 Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act), with strong support
from the FRA.
Each
year, the OSA releases an annual report detailing trends in complaints
submitted by servicemembers, veterans, and military families from the
previous calendar year. These reports also highlight emerging risks in
consumer finance and provide updates on the CFPB’s efforts to protect
the military community from harmful financial products and practices.
The 2023 report provides an in-depth analysis of complaints related to
consumer financial products and services filed by the military community
in calendar year 2023. It identifies unique challenges faced by
servicemembers, veterans, and military families, including ongoing
issues such as student loan servicing and transcript withholding for
both active duty and veteran students. The report also sheds light on
the growing risks of scams and fraud targeting older veterans.
Complaints
from servicemembers increased across all major product categories,
including credit or consumer reporting, debt collection, credit cards,
checking or savings accounts, and mortgages. In 2023, servicemembers
submitted approximately 84,600 complaints regarding a wide range of
products and services—a 27% increase from 2022 and a staggering 98% rise
from 2021.
A copy of the full report can be accessed here:
CFPB OSA Annual Report 2023
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ABOUT ONWATCH
OnWatch is a quarterly news update for active duty and Reserve personnel, written by Theo Lawson. He served 8 years total reserve and active duty in the United States Marine Corps and has a personal interest in these matters. As the assistant director of Legislative Programs for the Fleet Reserve Association (FRA), he’s also committed to FRA’s mission to maintain and improve the quality of life for Navy, Marine Corps and Coast Guard personnel and their families. He looks forward to keeping you up to date on FRA’s legislative efforts to protect and enhance your earned military and veterans’ benefits.