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June 26, 2012 – Holly Petraeus, the Consumer Financial Protection Bureau's assistant director of servicemember affairs, is one of three witnesses slated to update the Senate Banking Committee today about efforts to protect servicemembers in the financial services market.

Joining Petraeus will be Joseph "Beau" Biden III, Delaware's attorney general and Col. Paul Kantwill, the Department of Defense's director of legal policy for the Office of the Undersecretary for Personnel and Readiness. The committee will examine what progress is being made in the financial services industry to protect military service members and their families from financial abuses.

NAFCU continues to champion the role that credit unions play in this process. Last November, NAFCU President and CEO Fred Becker told the Senate Banking Committee that defense credit unions are "extremely serious" about meeting the needs of service members and their families. To that end, these credit unions do not limit themselves to just traditional modes of assistance, he said.

This morning's hearing will be an open session at 10:00 a.m. in the Dirksen Office Building.

Meanwhile, the House continues to debate legislation that would expand Servicemembers Civil Relief Act foreclosure protections. Last Thursday, a House panel were told that H.R. 5747, a bill introduced by Rep. Elijah Cummings, D-Md., may be difficult to implement because it doesn't require an essential notification to lenders.

NAFCU is monitoring the legislation and working with lawmakers to address implementation issues.