Consumer bureau watches out for Airmen

  • Published
  • By 2nd Lt. Geneva Croxton
  • 60th Air Mobility Wing Public Affairs

TRAVIS AIR FORCE BASE, Calif. - On June 15, the Consumer Financial Protection Bureau Office of Service Member Affairs assistant director, Holly Petraeus visited Travis Air Force Base, Calif, to meet with leadership to discuss steps which prevent Airmen from being taken advantage of through scams, fraud, and other unethical business practices. 

 

 “I am here to let the people stationed here know about what we do and what we can do for them,” said Petraeus. “It is twofold, I want them to learn about us, but I also want to learn from them what their financial issues are.  I get asked in Washington what the challenges our service members face, and it is good when I can say what I have learned firsthand from folks on the ground.” 


The CFPB was created in 2011 in the wake of the economic crash and housing crisis. 


“One of the questions that Congress asked was who was looking out for consumers,” said Petraeus.   “The answer was that there were a number of good federal laws but their enforcement was spread among seven different agencies, and was not as effective as it might have been.” 

 

When Congress realized that consumers were not being taken care of, they created the Consumer Financial Protection Bureau, a federal agency dedicated to protecting consumers. When the CFBP was created, it was written in to the law that there would be an office for the military, the office of Service member Affairs. 


The office serves active duty service members, as well as Reserve and National Guard members and their families, while also supporting retirees and veterans.

 

 “Our agency really is there to make the financial markets work,” said Petraeus.  We are there to make sure that service members can see the risks and costs of products upfront, and to make sure companies play by the rules do not get undercut by ones that are breaking the law.”


The CFPB has the power to supervise companies which provide financial products and services, allowing them to conduct exams and check the books. 


If a company is found to not be in compliance with the law, the CFPB can work with them to correct any errors. If the CFPB recognizes that a company perpetually violates the law, they are a law enforcement agency with the authority to file charges. 


During her visit, Petraeus met with Travis First Sergeants and members of the base legal staff to discuss how the CFPB can best help service members.   


Petraeus feels a combination of things are required to best protect service members, veterans and their families from scams fraud and unethical business practices.


“Education, advocacy and enforcement are all in the mix, said Petraeus.  “My mission, as written in the law, is to see that service members and their families get the financial education that they need to be better informed in financial decisions.  Many of them may sign contracts that are unduly expensive and, once you sign it, you are stuck with it.  We would like our Airmen to be savvy enough once they sign, not after.”  


Petraeus recommends that all service members take advantage of the tools the military provides them.  


“Here at Travis we (want Airmen) to use the Airmen and Family Readiness center,” she said.  We have very qualified financial counselors and coaches there who can help you make a plan.” 


Following her meeting with the legal staff, Petraeus participated in an executive round table, where she met with group and squadron leadership, as well as senior enlisted, members from the chaplains’ corps, and a representative from the comptroller squadron.

   

“It's an honor to host Mrs. Petraeus on Travis AFB due to the important work done by her and the CFPB to empower service members and protect their financial interests, said Betsy Ratashak-Vogel, the 60th Force Support Squadron personal financial readiness program manager. “This is a unique opportunity to focus on financial readiness and available resources. Not only are Travis AFB personnel learning about CFPB's efforts, but service members are able to provide direct feedback about challenges with financial products and services as well.” 

In the past 5 years, the CFPB has returned $11.3 billion to 25 million U.S. consumers.  Of this, well over $100 million was returned to U.S. military members. 


For more information, service members can visit www.consumerfinance.gov/servicemembers