ALEXANDRIA, Va. (Nov. 22, 2013) – Federal law gives servicemembers and veterans specific consumer protections, and a new National Credit Union Administration video, the latest installment in NCUA’s Consumer Protection Update series, explains those protections and the national outreach campaigns NCUA encourages credit unions to join.
“Our servicemembers, veterans and their families have made sacrifices for their country, and yet unscrupulous lenders lure them into a cycle of financial chaos,” NCUA Board Chairman Debbie Matz said. “The latest Consumer Protection Update reaffirms NCUA’s commitment to ensuring that our nation’s servicemembers are educated about their rights and won’t have to worry about their finances while defending our nation.”
This latest installment in NCUA’s Consumer Protection Update series provides an overview of the protections provided by the Servicemembers Civil Relief Act and the Military Lending Act. The video also highlights national outreach campaigns like Military Saves Week and Military Consumer Protection Day. The series is produced by NCUA’s Office of Consumer Protection and is available free on NCUA’s YouTube channel.
“Credit unions provide low-cost financial products and services to the military and defense communities worldwide. I encourage all credit unions to share this new video with their members and make sure that those who protect our country are themselves protected from usurious loans and predatory lenders,” Matz said.
Credit unions are encouraged to sign up for the 2014 America Saves campaign by clicking here and the 2014 Military Saving Campaign by clicking here. Consumers can get more information about protections for servicemembers on NCUA’s consumer website, MyCreditUnion.gov, and NCUA’s financial literacy resource, Pocket Cents.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.