WASHINGTON (3/10/14)--The Consumer Financial Protection Bureau reports that it has recovered more than $1 million and heard from 14,100 servicemembers, veterans and their family members--both things associated with complaints regarding financial services or products since 2011.
"Behind those case numbers are servicemembers with questions about mortgages, military spouses seeking to invoke consumer legal protections on behalf of their deployed spouse, veterans desperately fighting scams that threaten to steal their retirement income, and many more members of the military community with compelling, sometimes heartbreaking, real-life stories," the bureau said in its announcement of the release of its annual "snapshot by the Office of Servicemember Affairs"(see resource link).
The report notes that newer categories of complaints added just last year "have climbed steadily and now factor prominently into our complaint totals." They include such things as debt collection and payday loans.
"In fact, since we began taking debt collection complaints in July 2013, debt collection has quickly become the highest volume complaint category for military consumers over the last seven months," the bureau notes in its report introductions.
The report carries a breakdown of complaints by product, as well as the top issues within each product for military consumers.
Use the link to access the report.