The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires the companies to pay a $3.065 million judgment to be deposited into a fund administered by the CFPB or its agent to be used for redress to injured consumers.… Continue Reading
CFPB praises change in military discretionary allotment system
By Barbara S. Mishkin on
Posted in Military Issues, Regulatory and Enforcement
CFPB Assistant Director for Servicemember Affairs Holly Petraeus has issued a statement applauding changes to the military discretionary allotment system announced last week by the Department of Defense (DoD).
The military discretionary allotment system allows servicemembers to automatically direct a portion of their paycheck to financial institutions or others of their choosing. … Continue Reading