The Consumer Financial Protection Bureau has released a report indicating the continued challenges faced by servicemembers when they contact student loan servicers to invoke the military rights and protections earned through their service. Click the button above to read the full article.
The Consumer Financial Protection Bureau warns of mortgage ads claiming to be sent from or affiliated with the Department of Veteran Affairs (VA). The VA recently took action against RFK Financial Corporation after they sent out more than 100,000 fraudulent ads in the mail targeting veterans and other VA-eligible borrowers. Click the button above to read the full blog to find out what you can do to protect yourself.
Click on a link below to view a brief video on a financial topic of your choice.
CFO Atwater encourages Florida's military servicemembers and their families to start saving today in order to build a solid financial foundation for the future. We recognize the unique challenges facing the military and encourage servicemembers and their families to work toward financial stability by planning for the future and making responsible financial decisions daily. The Department of Financial Services compiled video testimonials of servicemembers who have successfully navigated financial challenges and the techniques they used to reach their financial goals. Please view the video for information and resources to educate servicemembers about financial fraud and debt.
The Department of Defense today issued the final Military Lending Act (MLA) rule. The final rule announced today amends the definition of “consumer credit” covered by the regulation to more closely align with the broad, traditional definition of credit covered by the Truth in Lending Act. For more information, click the button above.
The Military Lending Act provides servicemembers and their dependents with protections for their consumer credit transactions.
The U.S. Department of Defense issued a proposal that will expand the types of credit products that are covered by the 36% rate cap and other military-specific protections under the MLA.
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A referral of servicemember complaints from the Consumer Financial Protection Bureau’s Office of Servicemember Affairs, headed by Holly Petraeus leads to a settlement with Navient for overcharging on student loans. Click here to read the full story.
"Veterans: take advantage of student loan forgiveness, but don't let it damage your credit."
You can read the full Consumer Financial Protection Bureau (CFPB) article here.
The CFPB also released a sample letter that consumers can customize and send to their student loan lender to request lower monthly payments and information on available repayment plans.
The Bureau also developed a sample financial worksheet to help borrowers determine how much they can repay on student loans.