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CFPB Asks About Financial Products Offered to Servicemembers

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The new Bureau of Consumer Financial Protection (CFPB) has published a notice seeking information about financial products and services aimed at members of the armed services.

The CFPB has issued the servicemembers’ financial services information notice to implement Section 1013(e)(1) of the Consumer Financial Protection Act, a component of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

The section requires the CFPB to educate and empower servicemembers and their families to make better informed decisions regarding consumer financial products and services.

The section also requires the CFPB to “coordinate efforts among federal and state agencies, as appropriate, regarding consumer protection measures relating to consumer financial products and services offered to, or used by, servicemembers and their families.”

The CFPB’s Office of Servicemember Affairs is asking “consumers, financial service providers, organizations, and other members of the public” to give it their thoughts about matters such as the types of products and services offered to and used by servicemembers and their families, products tailored to meet the unique needs of servicemembers and their families, and financial education opportunities offered to servicemembers and their families.

The CFPB also asks for comments about the marketing and communication strategies aimed at servicemembers and their families by financial service providers.

Comments are due Sept. 20.

- Allison Bell

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