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CUNA encourages CU comment on CFPB servicemember plans
WASHINGTON (9/13/11)--The Credit Union National Association (CUNA) is encouraging credit unions to respond to the Consumer Financial Protection Bureau's (CFPB) Office of Servicemember Affairs’ request for comment on the financial products and services they offer to members of the military community. The CFPB earlier this month asked credit unions and other financial institutions for general information on products, services, programs, policies, or practices that are tailored to the unique financial needs of servicemembers and their families, or marketed to them. The agency has also asked for more specific information on any assistance institutions offer to servicemembers who are distressed homeowners and their families. The CFPB also has sought information on any servicemember-specific short-term lending products. The agency is accepting comment until Sept. 20. For the CUNA comment call, use the resource link. The CFPB Office of Servicemember Affairs is led by Holly Petraeus, who previously served as the director of the Better Business Bureau (BBB) Military Line, a joint BBB/Department of Defense project that provides consumer education and advocacy for military families. She is the wife of General David Petraeus and the daughter of a former West Point superintendent. The office works to shield U.S. servicemembers and their families from abusive financial practices and monitors servicemember questions and complaints regarding consumer financial products and services. It also coordinates responses with CFPB staff and other federal and state agencies. CUNA representatives have met with Petraeus, and CUNA plans to work with this new office in the future.


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