Independent Record: Fighting for troops’ finances

Payday loans, some believe, began way back among the Roman soldiers in the time of Caesar.

And military personnel today still remain a target for predatory loans and financial fraud, Holly Petraeus told a group of about 50 uniformed personnel at Fort Harrison Wednesday. Plus, some in the military, especially young people, manage their financial affairs poorly and dig themselves into debt with nothing more than a credit card.

Petraeus is in charge of the office of Servicemember Affairs at the U.S. Consumer Financial Protection Bureau, established by federal legislation passed in July 2010 with a mission that includes enforcement of 18 financial laws, and extending enforcement beyond banks to other financial institutions. She is married to Gen. David Petraeus, the current director of the CIA and former commander of international forces in Iraq and Afghanistan.

She came to Fort Harrison at the invitation of U.S. Sen. Jon Tester and was joined by Montana National Guard Adj. Gen. John E. Walsh, Montana Attorney General Steve Bullock and several local military leaders in a discussion on protecting soldiers from financial fraud and hardship.

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