The Consumer Financial Protection Bureau is beginning to take shape, despite having only a temporary architect in place with Elizabeth Warren's appointment. Today, we learn that Holly Petraeus is joining the team to establish an Office of Servicemember Affairs within the Bureau. Yes, that Petraeus: her husband is General David Petraeus, Commander of the International Security Assistance Force and U.S. Forces in Afghanistan. Here's an excerpt of the announcement, written by Warren:
I had been at the consumer agency for only a couple of weeks when I met Holly. After we introduced ourselves, she got straight to the point: despite strong efforts by the Department of Defense and others, too many military families find themselves in financial trouble, scrambling hard to deal with mounting debts or falling into the arms of a predatory lender.
Holly was then serving as the Director of the Better Business Bureau (BBB) Military Line, a partnership between the BBB and the Department of Defense Financial Readiness Campaign that provides consumer education and advocacy for servicemembers and their families. She knew the challenges facing military families.
Last March the Defense Department voiced its support for a new watchdog for consumer financial protection, so this isn't a terribly new issue. But this does mark a pretty high profile addition to the Bureau to oversee this aspect of the consumer market.
Read the full story at the White House Blog.