The demands and sacrifices of the armed forces place unique financial challenges on military members, veterans, and their families. As a result, July has been designated Military Consumer Protection Month.
Military Consumer Protection refers to the set of laws, regulations, and initiatives that aim to protect military service members and their families from unfair, deceptive, or abusive practices by businesses and financial institutions.
The Need for Consumer Protection for Armed Forces
Predatory lenders, fraudulent investment schemes, and other forms of financial exploitation often target the military community. To address this, various government agencies, such as the Department of Defense and the Consumer Financial Protection Bureau (CFPB), have implemented regulations and programs to safeguard the financial well-being of military personnel.
For example, the Military Lending Act (MLA) caps the interest rate on certain types of loans for service members and their families. At the same time, the Servicemembers Civil Relief Act (SCRA) provides protection for active-duty military personnel against foreclosure, eviction, and other legal actions. The CFPB also offers resources and education programs to help military families make informed financial decisions and avoid scams.
Throughout Military Consumer Protection Month and Beyond
CFPB is helping service members, veterans, and their families recover from the financial impacts of the pandemic. Check out these resources:
- Misadventures in Money Management – virtual learning
- Tools for Shopping for an Auto Loan
- How and When to File a Complaint
Visit Military Consumer for more information.
Want More Information About Consumer Protection?
We’ve got you covered if you’re still looking for more information! Check out our best financial blog posts to help you get started.
- How to Build Financial Literacy
- Financial Podcasts
- Monthly Financial To-Do List
- Protect Yourself from Credit Card Fraud
What questions do you have about protecting your finances? Let us know in the comments, and we’ll try to get you an answer!
