By MOAA Staff

As the Supreme Court prepares to hear a case that could determine the fate of the Consumer Financial Protection Bureau (CFPB), MOAA joined with 19 other national military and veterans service organizations to urge the court to uphold the bureau's ability to protect servicemembers, veterans, and their families from financial abuse.

In a public letter joined by The American Legion, Veterans of Foreign Wars, Disabled American Veterans, National Military Family Association, and many others, the groups highlighted the importance of the CFPB to our community.

[READ THE PUBLIC LETTER]

The case before the court is CFPB v. Community Financial Services Association of America, the trade association for payday lenders. It challenges the constitutionality of the CFPB’s funding mechanism. While CFPB funding is not within the scope of MOAA’s advocacy portfolio, our community benefits from the work done by the bureau. This is why MOAA signed an amicus brief earlier this year in support of the CFPB’s work.

In the decade since its founding, the CFPB has proven itself an indispensable ally to servicemembers, veterans, and their families. Tasked by Congress to safeguard military consumers, the bureau has fielded over 320,000 complaints from servicemembers, recovering $175 million in relief. This includes enforcement actions against predatory lenders violating the Military Lending Act, which caps interest rates on loans to military members.

“Without the CFPB, unscrupulous lenders would be unchecked to pursue servicemembers with impunity,” said Cory Titus, MOAA’s director of Government Relations for servicemember compensation and veteran benefits. “Their constant relocations, steady incomes, and need to live near bases make troops particularly vulnerable to being the target for predatory financial actors promising quick cash.”

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By enforcing the MLA's interest rate cap and other protections, the CFPB has helped prevent thousands of military families from falling into cycles of crushing debt. Their efforts ensure servicemembers have the financial stability to focus on their duties, maintaining military readiness.

In protecting those who protect us, the CFPB also safeguards America's national security. Their specialized Office of Servicemember Affairs provides targeted education to help military consumers avoid financial pitfalls. These resources are essential to preventing troops from losing security clearances due to financial problems.

From handling complaints to recovering compensation, they continue to have veterans' backs long after their time in uniform. The CFPB’s work has helped disabled veterans have their student loans forgiven, shut down mortgages lenders that used fake VA seals to market home loans, and blocked “pension poachers” who brokered loans to third parties.

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Without a strong CFPB, the financial readiness of our all-volunteer force is at risk. The military and veterans’ community urges the Supreme Court to uphold the integrity of this vital guardian of military financial well-being.

Our servicemembers and veterans have sacrificed so much to defend our country. We must protect those who protect us.