CFPB and JAG join forces to protect the financial health of service members

The federal Consumer Financial Protection Bureau and military have recently joined forces in an effort to protect service members from being unfairly treated by financial institutions and predatory lenders.

The CFPB and the Judge Advocate Generals of the U.S. Army, Marine Corps, Navy, Air Force and Coast Guard announced a joint state of principles which, among other things, will allow the organizations to share examples of financial issues some service members and their families may be experiencing.

"I have worked for years trying to protect military families from predatory practices and to help raise awareness of the unique financial challenges they face," said Hollister Petraeus, assistant director of the office of service member affairs for the CFPB. "Servicemembers and their families sacrifice a great deal for our country and they deserve advocates who will use every available resource to protect them from financial threats."

The Judge Advocate Generals issued a statement as well, saying it looked forward to the partnership with CFPB, as "financial readiness plays a crucial role in mission readiness" for service members.

Because military members are often away on duty, they may be victims of improper credit claims without knowing it. As a result, they may need to enlist the services of a credit repair company to help prevent any unfair marks from damaging their clean credit standing.