Holly Petraeus visits Fairchild to provide financial education

In an effort to educate military personnel, veterans and their families on financial options, Fairchild Air Force Base held a town hall meeting Feb. 24 during "Military Saves Week."

Holly Petraeus, assistant director of service member affairs for the Consumer Financial Protection Bureau (CFPB) was the guest speaker for the event.

Petraeus explained that the CFPB was formed in the wake of the 2008 recession as a way to protect consumers from being taken advantage of by businesses.

"There were several consumer financial laws but the enforcement was spread among seven agencies," Petraeus said. "Congress decided to create another new bureau for consumers and migrate the federal laws to this new agency."

Shortly after the CFPB was formed, the office of servicemember affairs was created to help all members of the military. Petraeus said her mission is to see that military personnel and their families get the financial education they need to make better-informed consumer decisions, monitor complaints that come from servicemembers and veterans and work with state and federal agencies on consumer protection. Her office also tracks complaints to identify trends and can take civil action against companies.

As for coming to Fairchild, Petraeus said she wanted to stop at "as many different places we could in the Northwest" during Military Saves Week.

Petraeus recommended that families who have complaints should connect with the Airman and Family Readiness Center (AFRC) and other resources on their base.

"Sometimes they can solve a problem at their home base," Petraeus said. "The worst thing you can do is ignore it and hope it goes away."

Chris Marble, support squadron chief of Fairchild's AFRC, said military personnel who work 80 hours a week could be a target for companies. Marble added that Fairchild's AFRC office also helps military personal living in Airway Heights, Cheney, Medical Lake and Spokane.

"Our office functions for all Department of Defense personnel and some DOD employees and veterans," Marble said. "Folks who have a stable home life can focus on their military mission."

While Petraeus is just happy to help servicemembers, she does feel good to hear back from clients her office has helped over the years.

"It does feel good to hear from someone who says 'I've been trying to fix it myself and after I filed the complaint it was solved in two weeks,'" a saying Petraeus said. "The military is my extended family so that makes me happy when I can do something positive for them. Hearing back from them is the icing on the cake."

Al Stover can be reached at al@cheneyfreepress.com.