Hagel Lauds Consumer Financial Protection Bureau’s Action

DoD News, Defense Media Activity


WASHINGTON, July 29, 2014 — Defense Secretary Chuck Hagel today offered his thanks to the Consumer Financial protection Bureau for its efforts on behalf of service members and their families.

In a statement, Hagel said he welcomes CFPB's announcement today that 17,000 service members and other consumers will receive a total of $92 million in debt relief from Rome Finance, whose unlawful, predatory lending schemes specifically targeted active-duty military personnel serving across 13 states.

“No one who serves our country in uniform -- especially during a time of war -- should ever fall victim to predatory financial practices, and today's announcement is an important step in righting this wrong,” the secretary said.

“The Department of Defense is grateful to the Consumer Financial Protection Bureau for its efforts on behalf of our troops, veterans and military families,” he continued, “and we appreciate its ongoing partnership in helping equip service members and their loved ones with the right tools and information so they can safely navigate today's complex financial world.”