May 09, 2014

Veterans' scams, complaints noted during CFPB forum

May 12, 2014 – Mortgage-related issues are cited most often in veterans' complaints to CFPB, Holly Petraeus said during an online forum Friday addressing veterans' consumer issues, such as the GI Bill, common scams targeting veterans and how to lodge complaints with the bureau.

NAFCU tuned into the online forum, which included an introduction from Petraeus, CFPB's assistant director of servicemember affairs. The forum provided an overview of tools available to help veterans access and use available benefits and information to help them avoid consumer scams.

Common scams targeting veterans that were discussed Friday include:

  • pension advance products;
  • Veterans Affairs aid and attendance benefits; and
  • mortgage advertisements.

Veterans were encouraged to be wary of ads with official-looking logos implying that they are from a government agency, promise very low rates and those that promote false claims, such as the promotion of a reverse mortgage that allows a veteran to stay in their home payment-free.

CFPB also highlighted its Ask CFPB database of questions and went over its tools and guides for those who are managing a veteran's money, or a VA fiduciary.

CFPB's next military educator forum will address critical credit reporting issues in the military community, representatives from the bureau said at the close of Friday's forum.