On September 24, 2024, the CFPB issued the Office of Servicemember Affairs’ annual report for 2023 which covers the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. The reports also identify emerging risks in consumer finance and provide an update on the CFPB’s efforts toward continuing to protect the military community from harmful financial products and practices.
The 2023 annual report provides a summary of complaints related to consumer financial products and services submitted to the CFPB in 2023 by individuals in the military community. It highlights and examines the distinct challenges encountered by servicemembers, veterans, and military families. Key findings from the 2023 OSA annual report include:
The number of complaints filed by servicemembers increased across all major products, including credit or consumer reporting, debt collection, credit cards, checking or savings accounts, and mortgages;
Servicemembers, military families, and veterans report challenges when trying to contact or get help from their student loan servicer;
The withholding of transcripts by colleges and universities may prevent servicemembers and veterans from receiving promotions, securing employment, or completing their degrees; and
Older veterans are often the target of scams and fraud.
The 2023 OSA Report can be found here.