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

The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to prevent abusive and deceptive recruiting practices by schools serving servicemembers, veterans, spouses and other family members.” 

The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges involving an alleged fee scam.  The consent order requires USA Discounters to make refunds to servicemembers of more than $350,000 and

Earlier this month, the CFPB issued a press release describing its second snapshot report of complaints from military consumers.  The report details complaints the CFPB has received from servicemembers, veterans, and their families and the measures it has taken in response.  Between July 2011 and January 2014, the CFPB has received approximately 14,000 complaints, handling

On Monday September 10, the CFPB participated in an interagency discussion hosted by the Federal Reserve on servicemember protections and SCRA compliance.  Representatives from the prudential regulators and the Department of Justice also participated in the webinar.  Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, kicked off the substantive portion of the

In September, we reported that the CFPB’s Office of Servicemember Affairs had issued a request for information about the consumer financial services and products and financial education opportunities being offered to servicemembers and their families. Last week, the CFPB used the responses it received to that request (which included responses from 43 credit unions,