This morning, Holly Petraeus -- the assistant director for the Office of Servicemember Affairs in the Consumer Financial Protection Bureau -- testified before the Senate Banking Committee.
She was there to talk about the way that predatory lenders often target servicemembers and how military families cope with economic hardships -- especially during deployments.
She told Senators:
In my role as a military family member, I have seen the problems that can arise for our servicemembers who may experience “too much month and not enough money.” I have also seen first-hand the devastating impact financial scams and predatory lending can have on servicemembers and their families. Unfortunately there are still too many young troops learning about wise spending through hard experience and years of paying off expensive debt.
Her remarks make a powerful argument for the ways that the CFPB will help combat the lenders who try to take advantage of consumers -- and underscores why it's so important that the Senate confirm Rich Cordray.
Take a minute to check them out: http://go.usa.gov/XMf