The Consumer Financial Protection Bureau (CFPB) says it has received more than 5,000 complaints from service members, veterans, and their families. By and large, the CFPB says statistics for complaints submitted by the military track with those of the population at large
The Consumer Financial Protection Bureau (CFPB) says it has received more than 5,000 complaints from service members, veterans, and their families. By and large, the CFPB says statistics for complaints submitted by the military track with those the population at large.
In one complaint, an active-duty airman received permanent change of station orders in April 2012 – meaning he had no choice but to move – and tried to get approval from his mortgage servicer to sell his house in a short sale. In August, the company denied his request.
In another complaint, an active-duty army officer had been told by her student loan servicer that they were going to terminate her SCRA rights unless she provided a new set of orders that contained an end date. As an officer, she did not have orders with an end date, so the servicer terminated her interest-rate protection while she was still serving on active duty.
Blake Lyons, vice president of marketing and business development with Randolph-Brooks FCU (RFPB) is disheartened by the CFPB’s report.
“As a credit union founded by military service members, we take our obligation to serve the military very seriously,” Lyons says. “Sixty years after our founding, we remain very closely connected to our military service members. For example, we maintain a branch on Randolph Air Force Base and we have a liaison to the Base to assist with issues military members may encounter. We also maintain a strong presence on the base and are involved in base activities, so people keep RBFCU top-of-mind.”
According to Lyons, the credit union goes above and beyond to assist military members and their families in uncertain financial circumstances. One example of this, he says, is that RFPB is currently offering assistance to those affected by sequestration-related furloughs – giving them unique loan options to help them through the difficulties associated with decreases in pay.
“We have also offered to extend provisional credits to military and civil service members when faced with delayed pay because of government shutdown issues,” Lyons says.
“One of the most important ways we can serve our military service members and their families is to educate them and empower them to make wise financial decisions,” adds Lyons. “To assist them, we offer financial education classes on or near the base.”
Click here to read “a snapshot of complaints from the military.”