White House names Holly Petraeus as head of Office of Servicemember Affairs

Article by Christian A., on January 11, 2011

Holly Petraeus has been appointed by the White House to be the head of the Office of Servicemember Affairs. She is the wife of Gen. David Petraeus, commander of U.S. forces in Afghanistan.

The Consumer Financial Protection Bureau serves to protect military members from auto loan abuses and other scams. This office, which will be up and running this summer, aims to help military families who are experiencing financial difficulties and also seeks to educate them on abusive lending techniques.

This office was created to respond to concerns raised by high-level Pentagon officials to do something about the cases of dealers' exploitation of young service members shopping near U.S. military bases.

The Pentagon sought to have dealers overseen by the new agency but it later lost out to the National Automobile Dealers Association in the legislative dispute.

Rather, it was determined that only financial institutions, including banks and credit unions that make consumer auto loans, will fall under its purview. Notably, dealers who assist in the financing will be exempt.

Instead, the dealers are regulated by state consumer agencies and the Federal Trade Commission. The purpose of the consumer agency is to oversee consumer financial products such as mortgages and credit cards after the recent economic downturn. One of the agency’s primary supporters is White House adviser Elizabeth Warren. [via autonews - sub. required]

Topics: united states

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries