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.
Florida CFO Jeff Atwater knows the unique challenges servicemembers and their families can face when managing their finances. Here you will find information and resources designed to help you protect, grow, and manage your finances whether serving at home or abroad. Just as you protect our country we hope to help protect your nest egg!
Pictured above is Tasha Carter, Director of the Division of Consumer Services, meeting with financial counselors from the Naval Air Station in Pensacola during Military Saves Week. The presentation aimed to assist on-base financial counselors in protecting servicemembers from financial issues such as predatory lending and identity theft as well as tips on creating a budget and saving for the future.
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.
The articles below provide more information on the Department of Defense's proposal to amend the regulation that implements the Military Lending Act.
Statement on Department of Defense proposal to amend Military Lending Act
Proposal to amend its regulation that implements the Military Lending Act
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 if you’re in a financial rut, click the button above and 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.