CFPB is off to a good start

The Consumer Financial Protection Bureau, which doesn’t officially open for business until next week, has announced that it has partnered with the Judge Advocate Generals (JAGs) of the U.S. Army, Navy, Air Force, Marines and Coast Guard to “provide stronger protections for service members and their families in connection with consumer financial products and services.”

CFPB and the JAGs have agreed to work together to identify potential violations of federal consumer financial laws. The Bureau will implement enforcement actions where necessary, create mechanisms to allow the JAGs to have input into how best to serve service members and their families (CFPB has already planned to establish a point of contact within the Bureau for JAGs to share complaints and related information from service members) and will work with other offices in the Department of Defense to support improved financial literacy training for service members and their families.

The Bureau is off to a good start.

-Sheril Stanford

Categories: Debt Defense
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