Friday, January 14, 2011

Holly Petraeus: In the Battle Against Predatory Lenders

Interesting development in the area predatory lending. Elizabeth WarrenConsumer Financial Protection Bureau head is bringing the wife of General David Petraeus on board to help in an effort to make an disasterous impact of the predatory loan industry on the country's most vulnerable populations...

"Holly Petraeus, a longtime advocate for military families, is expected to be named to the senior post sometime later this week, according to the sources, who spoke on condition they not be named. They characterized her selection as part of the administration's designs to crack down on unscrupulous lending operations that have thrived by focusing on vulnerable Americans--not least, military personnel and their families, who have been contending with a weak economy at home just as many breadwinners are serving overseas in the dangerous conflict zones of Iraq and Afghanistan.""Petraeus's appointment is aimed at empowering the agency to target abusive lenders without running afoul of Republicans in Congress, said the sources. Member of the GOP have portrayed the new institution as an enemy of free enterprise, warning that it could restrict credit by impeding the financial industry..."

"...Holly Petraeus has been active in assisting military families in their efforts to cope with financial strains. She currently serves as director of an initiative known as BBB Military Line, an educational program launched by the Council of Better Business Bureaus that informs military personnel on sensible financial management and warns them about scams. She helped develop the curriculum now used to educate service members."

This is a major step in increasing the focusing the public's awareness about how a business which can be an answer to a small minority is a incredible problem to more people than we know!

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