The U.S. Department of Defense is mounting its own effort to respond to complaints about abusive financial services sales practices on military bases.[@@]
The Defense Department has proposed military base sales regulations that incorporate consumer protection provisions similar to those included in a bill now awaiting action on the House floor.
The department has opened a 60-day comment period for the proposed regulations and scheduled a May 6 hearing on the proposed regulations at the Central Library in Arlington, Va.
The proposed regulations require closer cooperation between military authorities and civilian financial services regulators, including state insurance commissioners. The regulations also require the Defense Department to create and maintain a master list of disciplinary actions taken against sales agents at military bases and to make such a list available to legal personnel at all bases.