When you want to know what’s going on with a group, you go directly to the source, right? That’s exactly what the FTC did last week when it held a Military Consumer Financial Workshop in San Antonio, Texas. The day’s purpose was to take a look at the financial issues and scams that can affect military consumers – active duty servicemembers, veterans, and their families.
The day was spent talking with military consumer advocates, the Department of Defense, military legal services, family readiness groups, industry associations, academics, and all branches of service. The topics included cars (buying, financing and leasing), student lending, payday loans, debt collection, avoiding scams, and resources that can help.
So what were some themes that we heard?
- Servicemembers and veterans can be targets of scams and dishonest practices. For example, because there’s a culture of responsibility and a respect for the chain of command in the military, when bad deals are presented with an air of authority, servicemembers might be more likely to fall for the scam.
- In addition to laws like the FTC Act, there are strong consumer protections in place for the military, including the Servicemembers Civil Relief Act and the Military Lending Act. These military-specific protections can be tough to understand – or make use of – without help.
- But there’s free help for servicemembers dealing with financial and life planning issues. The Department of Defense has a vast network of Personal Financial Managers (PFMs) on installations across the country. Free legal advice also is available. As servicemembers consider a major purchase, education, housing, or just life in general, PFMs and legal services offices can help.
If you want to know more about the day, a video recording of the event will be posted soon. We’ll also continue the conversation on September 7th in Los Angeles, in a Military Common Ground conference that will be live streamed. Stay tuned for more details.
And on July 26 at 7:00 pm ET, Military Consumer will participate in a Facebook Live event for servicemembers, new veterans, and their families. Tune in to USA.gov’s Facebook page for tips on choosing a college and looking for a job. In the meantime, check out more resources for servicemembers and their families at Military.Consumer.gov.
