CFPB Analyzing Financial Products Tailored to Servicemembers

Input from Military Families and Financial Services Providers Will Inform the Office of Servicemember Affairs in Education and Outreach Initiatives

WASHINGTON, D.C.— The Consumer Financial Protection Bureau (CFPB) today announced that it is seeking public input on consumer financial products and services tailored to servicemembers and their families. The information provided will help the CFPB’s Office of Servicemember Affairs to develop financial education and outreach initiatives for military families.

“Military families face unique challenges especially when it comes to their finances,” said Holly Petraeus, Assistant Director for the Office of Servicemember Affairs (OSA). “We believe that open dialogue is key to addressing these challenges. By identifying the products and services that aim to assist their particular needs, our office will be able to better serve servicemembers and their families.”

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Wall Street Reform Act) charged the CFPB with, among other things, educating and empowering servicemembers and their families to make better informed decisions when choosing financial services and products. In keeping with this commitment, the CFPB is asking consumers, financial service providers, organizations, and other members of the public to provide information on consumer financial products and services aimed at servicemembers.

The OSA is seeking information on:

• Products and Services: The consumer financial products and services that are currently offered to or used by servicemembers and their families, including those that are specifically tailored to their unique financial needs.
• Education: The financial education opportunities that are offered to servicemembers and their families, both in person and online.
• Programs: The types of programs, policies, accommodations, and benefits that financial service providers currently provide to servicemembers and their families that may exceed those required by statute.
• Homeowner Assistance: The types of unique assistance offered by financial service providers to servicemembers and their families who are distressed homeowners, such as: mortgage modifications; accommodations for servicemembers with Permanent Change of Station Orders; and assistance for wounded, ill or injured servicemembers or surviving spouses of deceased servicemembers.
• Marketing and Communication: The marketing and communication strategies that are currently used to inform servicemembers and their families of consumer financial products and services, and those that are most and least effective.

Public comments are due 14 days after the notice is published and may be submitted online at Regulations.gov or via e-mail to MilitaryResponse[AT]consumerfinance[DOT]gov.