Consumer help available for those who serve
FTC: The median loss to scams for an enlisted member was $500 in 2023
(InvestigateTV) — Service have submitted more than 400,000 complaints to the Consumer Financial Protection Bureau (CFPB) since it opened its doors 11 years ago.
Jim Rice, Assistant Director, Office of Servicemember Affairs for the CFPB, said service report complaints at a disproportionate rate compared to the rest of the population.
“So that’s our major concern, is why is our population more disadvantaged than the population in general? And that’s that that’s what we try to hone in on,” Rice asked.
Rice said they are working hard to address some of the concerns being filed which includes everything from mortgage problems to financial scams.
Some service also complained to the CFPB that they are not getting the military interest rate reductions they have earned and deserve.
In one complaint a service member said there was no action taken to cap his interest rate at 6% when he tried to get a vehicle loan, something that should have been done per the protections of the Service Civil Relief Act.
The company later closed his case with monetary relief.
“The American people expect a financial marketplace that, where there is a set of rules that treat people fairly,” Rice noted. “That certainly should apply to service , veterans and military family .”
Service in need of assistance can look here for a list of financial resources available for them on the CFPB website.
Rice said if someone feels that a financial institution or company has violated the Service Civil Relief Act or the Military Lending Act they should report it to the CFPB and submit a complaint.
“We’re going to we’re going to continue as hard as we can to push people in the right direction,” he said.
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