Service members’ consumer advocate visits Yokosuka
Holly Petraeus, associate director of the Consumer Financial Protection Bureau (CFPB) visited Fleet Activities (FLEACT), Yokosuka, May 7, to explain to military personnel, veterans and their families that they have a new government agency to look after their consumer affairs.
Petraeus spoke to service members and staff during a seminar at the Fleet and Family Service Center (FFSC).
According to Petraeus, the CFPB was founded in the wake of the 2008 financial crisis that almost brought down the banking system, in which American consumers saw their credit lines dry up, their home values plummet.
“The CFPB consolidated 18 consumer protection laws scattered around seven different federal agencies for enforcement, and they weren’t anybody’s first priority,” Petraeus said.
According to Petraeus, her office now has oversight and enforcement over all facets of the financial industry, to include major banks, credit-unions, and pay-day lenders.
Petraeus also said her office recently won a $200 million judgment against a major credit card company that was signing up its customers for their credit protection plan, even after they declined the service.
Tranh Ly-Turnbull, one of the FFSC’s current Work and Family Life Consultants and a former financial counselor, was pleased to hear about the CFPB’s programs.
“Ms. Petraeus’ visit allows service members to understand how CFPB can serve and be a strong advocate against unscrupulous companies,” Ly-Turnbull said. “I was ecstatic to hear about available mortgage relief for active duty members in the current economy.”
Prior to her town hall speech, Petraeus also met and briefed Commander U.S. 7th Fleet, Vice Adm. Scott Swift, Commander FLEACT, Yokosuka, Capt. David Owen, and toured USS George Washington (CVN 73).
To find out more about the FFSC’s financial counseling programs, call 243-3372
For more information about the CFPB, go to www.consumerfinance.gov on the Web.