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July 30, 2013 – Holly Petraeus, the assistant director of the CFPB Office of Servicemember Affairs, visited NAFCU to answer questions about her office and servicemember financial issues, including financial planning for those returning from deployment, during a live webcast Monday with NAFCU's Associate Director of Legislative Affairs and Military Liaison Quincy Enoch.

CFPB's Holly Petraeus, center, answered questions from credit unions during NAFCU's free webcast yesterday. Shown with Petraeus here are, from left, Quincy Enoch, NAFCU's military liaison, who moderated Monday's webcast; and Executive Vice President of Government Affairs B. Dan Berger, who will become the association's president and CEO Aug. 1. (NAFCU photo)

Petraeus spoke about the many servicemembers ending years of deployments recently. "I do have some concerns," she said. "We have a generation now of servicemembers and their families who, since 9/11, have known pretty constant deployments, and the [increased pay] that goes along with those deployments." She said that as the military becomes more of a "garrison army," servicemembers need financial education to adjust their budgets.

Petraeus referenced her own personal experience of moving 24 times in 37 years when describing the various issues faced by servicemembers as they try to budget and build credit. She said her office had worked with the Treasury Department and Fannie Mae and Freddie Mac to make a Permanent Change of Station (PCS) move a qualifying hardship so military personnel could access assistance programs without first having to prove they were delinquent.

Petraeus also spoke about the CFPB's progress in addressing complaints from military personnel and their families, working on financial training for members before entering boot camp and again after leaving the military, and she answered questions about Servicemembers Civil Relief Act requirements.

She concluded by encouraging defense credit unions to be on the lookout for predatory or unscrupulous lending behavior: "Absolutely be proactive – talk to that servicemember. Sometimes you all can prevent scams – I know that you do." She said credit union members can report abuses directly via the CFPB's website.

Monday's webcast will remain available on demand for one year.