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:

Comments

Login or Create new account to add a comment!

Recommended

Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Now on sale in several major markets around the world including Europe, the BMW 5 Series (G30) heralds the arrival of the new seventh generation and represents a whole new...
by - February 19, 2017
Just recently, it was speculated that a new Porsche Cayman GT4 RS is coming. There is no official confirmation yet from the German sports car maker, but the arrival of...
by - February 18, 2017
Will there be a BMW M4 CS? Apparently, there is a Club Sport version of the BMWM4 after it was sighted in California doing a shoot for a new commercial...
by - February 18, 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