Holly Petraeus visits Idaho for Operation Financial Feedom

Holly Petraeus, Assistant Director, Service Member Affairs, Consumer Financial Protection Bureau spoke to military members about rights, laws and protection regarding personal finances during Operation Financial Freedom at Gowen Field, Boise, Idaho, Feb. 25, 2015. The half-day event featuring Petraeus and 13 community partner exhibitors was hosted by the Idaho Military Financial Alliance. Service members learned about resources and opportunities that will help them plan, save and make more educated financial decisions in the future. Petraeus explained that CFPB is a relatively new organization. It was formed after the economic crash in 2008 and 2009 when predatory and unscrupulous lending practices were rampant. At the time, there were a number of consumer protection laws on the books but the enforcement of which was spread out among seven federal agencies, none of which made it their first priority. The president and government leaders wanted to know, ‘who was looking out for consumers?’ After which the CFPB was formed and opened its doors in July 2011. It gave consumers a single agency to respond to financial complaints, investigate reports of illegal financial practices and enforce consumer protection laws. “We’re not just an educational tell-consumers-good-stuff kind of agency--we’re actually a law enforcement agency,” Petraeus said. “We can file charges against companies that are breaking the 19 federal consumer protection laws that we enforce.” To learn more about the CFPB visit www.consumerfinance.gov (Air National Guard photo by Tech. Sgt. Sarah Pokorney)

PHOTO BY: Tech. Sgt. Sarah Pokorney
VIRIN: 150225-Z-NE514-100.JPG
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