In marking Veterans Day weekend, Consumer Financial Protection Bureau Director Richard Cordray took time to author a blog post on the bureau’s website to promote the work done by the Office of Servicemember Affairs (OSA) to protect servicemembers and veterans facing financial issues.
Cordray stated that the veteran population is about 19 million today, and that OSA has been dedicated to serving the financial well-being of veterans.
“By educating servicemembers, veterans, and their families about financial challenges, supervising financial entities, reviewing consumer complaints, and enforcing consumer financial laws, the Consumer Bureau ensures that we serve veterans,” he wrote. “In our work, we’ve created new knowledge about the financial well-being of veterans. We developed the first consumer-driven definition of financial well-being and a way to measure it.”
Cordray wrote that the CFPB’s data showed that veterans as a whole had somewhat higher levels of financial well-being than average Americans, but that the findings did not apply to all veterans.
“In fact, the financial well-being scores of veterans vary widely, with pockets of veterans whose financial well-being lags behind their peers,” he wrote.
The work done by OSA is “an integral part” of the bureau’s work to understand the financial challenges faced by servicemembers, veterans and their families, he wrote.
“We are honored to serve those who answered the call of military service on behalf of a grateful nation,” Cordray said.
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