The Department of Defense announced critical new protections for servicemembers using the military discretionary allotment system. The changes announced will preserve the allotment system while eliminating the aspects that are most frequently abused by businesses that target servicemembers. Click the button above to read the full Consumer Financial Protection Bureau statement.
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.
Poor personal debt management can greatly impact the future of your military career. Debt collectors often threaten to report servicemembers to commanding officers, resulting in lowering of the member’s rank or security clearance, if debt is not paid. To learn if your security clearance or rank can actually be affected by debt and to learn about the resources available to you, click the button above to read the Consumer Financial Protection Bureau’s (CFPB) article on the topic.
"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.
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.
Click below for more information.