The Consumer Financial Protection Bureau (CFPB) and the Judge Advocate Generals of the United States Army, Marine Corps, Navy, Air Force, and Coast Guard yesterday announced an agreement on a Joint Statement of Principles to provide stronger protections for servicemembers and their families in connection with consumer financial products and services. Partnership between the CFPB and the Offices of the Judge Advocate Generals will help better protect servicemembers and their families from unlawful acts and practices.
The Judge Advocate Generals and the CFPB, among other things, will work together to identify potential violations of federal consumer financial laws and establish a single point of contact within the CFPB’s Enforcement Division that will allow members of the Judge Advocate Generals’ Corps to share information on consumer complaints from servicemembers and military families. In addition, the Offices of the Judge Advocate Generals and the CFPB – including its Office of Servicemember Affairs and Enforcement Division – will create a formal working group with the goal of achieving a coordinated response to unlawful conduct targeted at servicemembers and their families.
The Judge Advocate Generals and CFPB officials met today to discuss the following goals set forth in the Joint Statement:
- Protecting servicemembers and their families from unlawful acts or practices by providers of consumer financial products or services, including through enforcement actions where necessary;
- Creating mechanisms that enable the Offices of the Judge Advocate Generals to provide input on the Bureau’s efforts to improve the marketplace for servicemembers, their families, and law-abiding businesses;
- Finding ways to work together as efficiently and effectively as possible to address concerns raised by servicemembers and their families about consumer financial products or services; and
- Working with other offices in the Department of Defense to support improved financial literacy training for servicemembers and their families.
For statements from Holly Petraeus and the Judge Advocate Generals, and for a full list of signers, see the full press release.