In its sixth annual report, the Consumer Financial Protection Bureau ("CFPB") Office of Servicemember Affairs analyzed complaints from servicemembers, veterans and their families (collectively, "servicemembers") regarding financial services or products.
The CFPB stated that roughly 48,800 complaints from servicemembers were received during the reporting period, April 1, 2017 and August 31, 2018. The majority of complaints by servicemembers related to credit or consumer reporting and debt collection. These include, among others, incorrect information on credit reports that put security clearances and "even military career in jeopardy," attempts to collect a debt that the servicemember believed was not owed, and credit terms that were unaffordable. The common types of checking or savings complaints reported had to do with managing, opening or closing accounts. Fraud is the most frequently raised issue in complaints regarding money transfers, money services and virtual currencies; and the top issue raised by servicemembers in personal loan complaints dealt with being charged unexpected fees or interest.
In addition to cataloging complaints, the CFPB described various successful educational programs developed for servicemembers including the publication and dissemination of Misadventures in Money Management (MiMM), "a cutting edge graphic novel" that "engages servicemembers with real life financial choices in a fun and interactive manner."
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