Holly Petraeus promotes consumer protection at Fort Campbell

FORT CAMPBELL, Ky., Aug. 26, 2011 -- A familiar face to many Screaming Eagles visited post Aug. 24 to talk to Soldiers and Family members about their financial concerns and issues.

Holly Petraeus, wife of Gen. David Petraeus, former commander of the 101st Airborne Division, held several meetings with Fort Campbell leadership as she begins her new position as director of the Office of Servicemember Affairs, a part of the Consumer Financial Protection Bureau. The newly-created federal agency launched at the end of July. Its mission is to see that military Families are financially educated, monitor complaints from these about fraud and other issues, and improve consumer protection measures for the military by working with other agencies across the U.S.

Petraeus is traveling to military installations such as Fort Campbell "to make this community aware of the protections that are out there for them and the folks that are out there to help them address the rip-offs, if you will, the consumer problems, that they face."

Military Families are often an easy target, Petraeus explained, for those wanting to take advantage. Many service members are young and receiving a steady paycheck for the first time, which sometimes leads to poor decision-making.

"They're targeted because they do have an absolutely guaranteed paycheck that comes in twice a month," she said. "… For a big installation like this one, that's a whole lot of those paychecks. It makes a very big payroll."

The influx of money attracts businesses to military towns, and some businesses are better than others.

"Obviously the not so good ones are the ones you want to protect against," she added.

Another factor that makes military Families prone to financial upset is frequent moves. Petraeus moved 24 times as her husband advanced his career in the Army.

"You don't know the communities that you move into, and you may be apt, if you're going to do business, to go for the biggest billboard outside the front gate," Petraeus said. "And that may not be the business that has your best interest at heart."

With 36 years as a military spouse and about five of those spent with the 101st, Petraeus "knows firsthand the challenges that the Soldiers and Families face," said Army Community Service Army Emergency Relief's Betty Geren.

For the visit to her former home, Petraeus brought along two colleagues in the fight for consumer protection, Kentucky Attorney General Jack Conway and Tennessee Attorney General Robert E. Cooper Jr. Both work diligently to protect consumer fraud and abuse at the state level.

The trio participated in a round table discussion with Fort Campbell officials, as well as two town hall meetings. Some of the most common issues that plague Soldiers and their Families brought up throughout the sessions included mortgage foreclosures, leases, car purchases and marketing practices by some for-profit colleges. The Office of Servicemember Affairs aims to help curb these problems with enforcement and writing rules to prevent more problems in the future. Small changes are already underway as a result.

"We're consolidating a couple of mortgage forms," Petraeus said. "Instead of having two forms that basically ask you for the same thing in a very complicated way, we're working on getting it down to just one form that's a little more understandable for the consumer when they go to get that mortgage."

The Servicemembers Civil Relief Act and other policies are already in place to help Soldiers and their Families, sometimes it's just a matter of people knowing what do in cases of fraud, predatory lending or foreclosure.

"We also want to make sure we do a good job on educating service members on their rights," Conway said. "… The proliferation of scam artists and their tactics is never-ending."

These concerns should not be on the minds of those already sacrificing so much, Cooper emphasized.

"These Soldiers put their lives on the line to protect us, and they shouldn't have to worry about being cheated if they buy a car, or computer, or some other good or service," he added.

When Soldiers get into debt or financial trouble, it's not just their pocketbook at risk. It can negatively affect their career and future.

"It can have a devastating impact," Petraeus said. "One thing some people are not aware of is the fact that the number one cause of military security clearances being revoked is financial problems. If you lose your security clearance, you then cannot do the job the military trained you to do."

As the Office of Servicemember Affairs continues to focus on its mission, Petraeus assures Soldiers and their Families they are a top priority and encourages them to reach out to Fort Campbell and federal agencies in times of trouble.

"We are working on your behalf up there in Washington, and will continue to do that," she said.

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