AFR Press Statement: Senate Banking Committee hearing on Empowering and Protecting Servicemembers, Veterans and their Families in the Consumer Financial Marketplace
We applaud Senator Johnson for holding this important hearing. In 2006, the Department of Defense (DoD) issued a “Report on Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents”, which concluded that “predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force.” In surveys conducted by DoD last year, personal finances ranked second on the list of causes of stress for servicemembers, second only to career concerns. Financial problems are now the top cause of revocation of military security clearances.