TopMortgage Compliance Update (1)
 

        September 6, 2011        

                                            CFPB: Monitors Financial Products
                                                       to Servicemembers

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The Consumer Financial Protection Bureau's Office of Servicemember Affairs (OSA) published today a request for comments from the public regarding information on consumer financial products and services that are currently being offered to or used by servicemembers and their families.

The authority for this request stems from Section 1013(e)(1) of the Consumer Financial Protection Act of 2010, which requires the Bureau of Consumer Financial Protection (CFPB) to educate and empower servicemembers and their families to make better informed decisions regarding consumer financial products and services.

Among other things, the OSA is particularly interested in information on products and services (and associated programs and policies) that are tailored to the unique financial needs of servicemembers and their families.

The issuance is a Notice and Request for Information.

Comment Due Date: September 20, 2011

 

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Office of Servicemember Affairs
The OSA is empowered to coordinate with CFPB's Consumer Response function in order to monitor consumer complaints by servicemembers and their families and further coordinate efforts among federal and state agencies, as appropriate, regarding consumer protection measures relating to consumer financial products and services offered to, or used by, servicemembers and their families.

According to the issuance, the purpose of this information to develop a knowledge base of consumer financial products and services utilized by servicemembers that will inform the OSA's planning with respect to education and outreach initiatives, the monitoring of consumer complaints, and other consumer protection measures.

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QUESTIONS FOR PUBLIC COMMENT
The CFPB seeks public comment on the following questions:

1. What consumer financial products and services are currently offered to or utilized by servicemembers and their families?

2. What consumer financial products and services (and associated programs, policies, and practices) are tailored to the unique financial needs of servicemembers and their families or are marketed specifically to servicemembers and their families?

The OSA is particularly interested in:

 

a. Information on consumer financial products or services that are designed to address:

 

deployments,  

permanent-change-of-station moves,  

overseas assignments,  

relocations,  

and similar circumstances.

 

b. Information on short-term lending products that are tailored to the needs of servicemembers and their families.

 

c. Information on consumer financial products or services that are comparable to the Department of Defense (DOD) Savings Deposit Program.

 

3. What financial education opportunities are financial service providers offering to servicemembers and their families, both in person and online?

 

4. What programs, policies, accommodations, or benefits do financial service providers currently provide to servicemembers and their families that may exceed those required by statute?

 

Among other things, comments could address the expanded application of Servicemembers Civil Relief Act protections and fraud protections.

 

5. What unique assistance, if any, is currently offered by financial service providers to servicemembers and their families who are distressed homeowners?

 

Comments could address servicemember-specific mortgage modifications, the accommodations to be made available to servicemembers with Permanent Change of Station Orders, and providing assistance for wounded, ill or injured servicemembers, or surviving spouses of deceased servicemembers.

 

6. What marketing and communication strategies are currently used by financial service providers to inform servicemembers and their families of consumer financial products and services; programs or accommodations for servicemembers and their families; and financial educational opportunities? Which strategies tend to be more effective and which are less effective?

 

 

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Bureau of Consumer Financial Protections

  

Request for Information on  

Consumer Financial Products and Services  

Offered to Servicemembers

 

September 6, 2011

 

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