According to reports Elizabeth Warren plans to name Holly Petraeus to head up the Consumer Financial Protection Bureau’s efforts to protect military families from abusive lenders. The appointment is expected to take place later this week, though no formal or confirming announcement from Warren has been made.
Petraeus is the wife of Gen. David H. Patraeus and has spent her lifetime in the military. She was the daughter of a career Army officer and currently serves as the director of BBB Military Line, a program that works in partnership with the Defense Department to advocate for military families and educate them on consumer issues. She has also testified before Congress about military readiness and worked with state and local officials on consumer issues affecting service members.
The appointment is the result of a lengthy political battle from last year as to whether or not the nation’s auto dealers should be subject to regulation by the new consumer bureau. Military officials testified that many soldiers had been baited into abusive loans and therefore strict oversight of the industry was necessary. According to the testimony, soldiers saddled with unsustainable debt amounted to a military readiness issue. Petreaus joined in the regulatory effort arguing that the additional protections were necessary because dealerships often use high-pressure tactics to trap these military families into expensive loans.
Petraeus is one of a flurry of hires by the new agency despite lacking a full-time director. Any nominee must be approved by the Senate which won’t be an easy task given that Republicans opposed the creation of the agency in general.
photo courtesy of David_Shankbone via Flickr