{"id":37809,"date":"2023-03-10T15:28:18","date_gmt":"2023-03-10T20:28:18","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-recovers-more-than-1-million-for-servicemembers-veterans-and-their-families\/"},"modified":"2023-03-10T15:28:18","modified_gmt":"2023-03-10T20:28:18","slug":"cfpb-recovers-more-than-1-million-for-servicemembers-veterans-and-their-families","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-recovers-more-than-1-million-for-servicemembers-veterans-and-their-families\/","title":{"rendered":"CFPB Recovers More Than $1 Million for Servicemembers, Veterans, and their Families"},"content":{"rendered":"
WASHINGTON, D.C. \u2014<\/strong> The Consumer Financial Protection Bureau (CFPB) announced today that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have recovered more than $1 million. The relief was reported in the CFPB\u2019s second snapshot of complaints from military consumers, which also highlighted how some military families are not receiving the added consumer protections they have earned. The report covers more than 14,000 complaints from servicemembers, veterans, and their families received by the CFPB from July 21, 2011 through February 1, 2014. <\/p>\n \u201cMilitary families make enormous sacrifices for our nation and deserve to be protected,\u201d said CFPB Director Richard Cordray. \u201cI am pleased that the Bureau has assisted thousands in cutting through red tape when dealing with their financial institutions. However, the complaints show that many servicemembers, veterans, and their families are not getting the protections accorded to them by federal laws and that raises concern.\u201d<\/p>\n The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established the Office of Servicemember Affairs to address specific consumer protection concerns for the nation\u2019s military community. A priority of the office is to monitor the consumer complaints the Bureau receives from active-duty servicemembers, veterans, and their families.<\/p>\n By and large, the complaints submitted by the military track with those of the population at large. In the last fiscal quarter, the Bureau handled on average more than 250 complaints per week from military families. Complaints have come from every state, and every rank and branch of the Armed Services.<\/p>\n Servicemembers, veterans, and their families who complained to the CFPB have received more than $1 million in relief since July 2011. Not all servicemembers, veterans and their family members who submitted complaints received money; a number of them received non-monetary relief \u2014 such as cleaning up their credit reports, stopping harassment from debt collectors, and correcting account information \u2014 and some had their complaints closed without relief. But the Bureau has seen monetary relief returned to military consumers across all products. Among companies that reported monetary relief, this includes:<\/p>\n
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\n<\/ul>\n According to today\u2019s snapshot report, the top three complaints by servicemembers, veterans, and their families are mortgages, debt collection, and credit cards. <\/p>\n While servicemembers have all the protections that everyday consumers have, they may also have additional protections based on their military service. The CFPB is particularly concerned about when servicemembers are not seeing the unique protections accorded to them by federal laws. Specifically, the Bureau is concerned with: <\/p>\n
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Servicemember Protection Concerns<\/h3>\n
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