Proposed Rules. Notice and Request for Information

Agency: Bureau of Consumer Financial Protection
Action: Notice and Request for Information
Citation: 76 FR (No. 172) · FR Doc. 2011-22595 · Docket No. CFPB-2011-0016

Summary

Section 1013(e)(1) of the Consumer Financial Protection Act of 2010 requires the Bureau of Consumer Financial Protection (“CFPB” or “Bureau”) to educate and empower servicemembers and their families to make better informed decisions regarding consumer financial products and services; to coordinate with CFPB's Consume Response function to monitor consumer complaints by servicemembers and their families; and to coordinate efforts among Federal and State agencies, as appropriate, regarding consumer protection measures relating to consumer financial products and services offered to, or used by, servicemembers and their families. Consistent with this requirement, the CFPB Office of Servicemember Affairs seeks information on consumer financial products and services that are currently being offered to or used by servicemembers and their families. Among other things, the office is particularly interested in information on products and services (and associated programs and policies) that are tailored to the unique financial needs of servicemembers and their families. The information provided will help the office develop a knowledge base of consumer financial products and services utilized by servicemembers that will inform the office's planning with respect to education and outreach initiatives, the monitoring of consumer complaints, and other consumer protection measures. CFPB encourages comments from consumers, financial service providers, organizations, and other members of the public.

Dates

Comment Due Date: September 20, 2011.

Supplementary Information

The Bureau seeks public comment on the following questions: 1. What consumer financial products and services are currently offered to or utilized by servicemembers and their families? 2. What consumer financial products and services (and associated programs, policies, and practices) are tailored to the unique financial needs of servicemembers and their families or are marketed specifically to servicemembers and their families? Among other things, the office is particularly interested in: a. Information on consumer financial products or services that are designed to address deployments, permanent-change-of-station moves, overseas assignments, relocations, and similar circumstances. b. Information on short-term lending products that are tailored to the needs of servicemembers and their families. c. Information on consumer financial products or services that are comparable to the Department of Defense (DoD) Savings Deposit Program. 3. What financial education opportunities are financial service providers offering to servicemembers and their families, both in person and online? 4. What programs, policies, accommodations, or benefits do financial service providers currently provide to servicemembers and their families that may exceed those required by statute? Among other things, comments could address expanded application of Servicemembers Civil Relief Act protections and fraud protections. 5. What unique assistance, if any, is currently offered by financial service providers to servicemembers and their families who are distressed homeowners? Among other things, comments could address servicemember-specific mortgage modifications; accommodations for servicemembers with Permanent Change of Station Orders; and assistance for wounded, ill or injured servicemembers, or surviving spouses of deceased servicemembers. 6. What marketing and communication strategies are currently used by financial service providers to inform servicemembers and their families of consumer financial products and services; programs or accommodations for servicemembers and their families; and financial educational opportunities? Which strategies tend to be more effective and which are less effective? Dated: August 29, 2011. Hollister K. Petraeus, Assistant Director, Office of Servicemember Affairs. [FR Doc. 2011-22595 Filed 9-2-11; 8:45 am]