The Consumer Financial Protection Bureau recently signed a Joint Statement of Principles with the Judge Advocate Generals (JAGs) of the United States Army, Marine Corps, Navy, Air Force, and Coast Guard. They stated a common goal "to provide stronger protections for servicemembers and their families in connection with consumer financial products and services."
The CFPB and the JAGs agreed to collaborate to identify potential violations of federal consumer financial laws. CFPB will establish a single point of contact within its Enforcement Division for JAGs to share complaints and related information received from servicemembers and military families. The JAGs and the CFPB's Office of Servicemember Affairs and Enforcement Division agreed to create a formal working group to coordinate responses to unlawful conduct targeted at servicemembers and their families.
The Joint Statement set forth the following goals:
- Protecting servicemembers and their families from unlawful acts or practices by providers of consumer financial products or services, including through enforcement actions where necessary;
- Creating mechanisms that enable the JAGs to provide input on the CFPB's efforts to improvement marketplace for servicemembers, their families and law-abiding businesses;
- Finding ways to work together as efficiently and effectively as possible to address concerns raised by servicemembers and their families about consumer financial products or services; and
- Working with other offices in the Department of Defense to support improved financial literacy training for servicemembers and their families.