The U.S. Department of the Treasury announced the selection of Holly Petraeus to establish the Office of Servicemember Affairs being built by the Consumer Financial Protection Bureau, or CFPB, implementation team currently housed at Treasury. Petraeus, a military spouse for more than 35 years, is also the wife of Army Gen. David Petraeus, current Commander of the International Security Assistance Force in Afghanistan and former Commander of the U.S. Central Command.
The Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama last summer explicitly requires the creation of such an office within the CFPB. Servicemembers and their families have been targets of unscrupulous lenders in the past.
The Office of Servicemember Affairs will seek to work in partnership with the Department of Defense to help ensure that: military families receive the financial education they need to make the best financial decisions for them; complaints and questions from military families are monitored and responded to; and federal and state agencies coordinate their activities to improve consumer protection measures for military families.
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