CFPB’s Holly Petraeus: Military Advocates on Duty

Exceprt from The Consumer Financial Protection Bureau Blog

August 2, 2011

Written by Holly Petraeus

On July 21st, our mission officially began. We’re ready to carry out our orders – to protect military consumers and their families from illegal financial practices. We’ll establish the perimeter so you can keep focused on your mission of defending our nation. Our sights are set on educating and empowering you and your family to make better-informed decisions regarding consumer financial products and services.

Metaphors aside, new military missions or assignments require a great deal of preparation. There are training evolutions, drills, safety and security briefings, and detailed paperwork and workshops to complete. All of this is focused on ensuring your safety and the successful completion of your mission.

But how do you prepare yourself financially for the mission? Do you define your goals and develop a plan to ensure the financial success of you and your family? How sure are you that the financial products and services you use are reputable? These questions are essential to good planning, and we are focused on them as part of our mission of serving you.

We understand military service and the unique challenges associated with it. We’ve served, too! Collectively, our Office of Servicemember Affairs team has over 100 years of military experience. As the CFPB works to encourage good business practices and weed out bad ones, our experience will help ensure that the Bureau considers the needs of the military community.

The CFPB has already begun providing assistance to consumers. If you have a complaint related to a credit card, you can submit it to the Bureau. If you are military and you file a complaint, be sure to check the military box! Laws that protect servicemembers may apply to your complaint. It will also help us spot new trends and protect you more effectively. (continued…)

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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