Protecting our Service Members and their Families from Predatory Financial Practices Act

Armed Forces and National Security

house

senate

president

Introduced on April 11, 2024 by Mikie Sherrill

Legislation Details

Amends title 10, United States Code, to require financial services counselors providing services to Armed Forces members to verify their financial independence.
Financial services counselors must agree to submit annual financial disclosures to the Secretary.
Establishes that financial services can be provided through various means, including direct provision by the Department of Defense, contracts, or through the internet, with the addition of requiring annual financial disclosures for all individuals involved.
Mandates that each financial services counselor and any other individual providing financial counseling submit annual financial disclosures to ensure they are free from conflicts of interest.
Requires the Secretary concerned to review all financial disclosures to ensure counselors are free from conflict and to take action if a conflict is identified, ensuring the counselor does not provide services until the conflict is resolved.
Requires a report to Congress within 180 days of the enactment of the Act, and annually thereafter, on the percentage of financial services counselors and other individuals providing financial counseling who have been determined to be free from conflicts of interest.
Defines “Secretary concerned” according to the meaning given in section 101 of title 10, United States Code.

Last updated 8/10/2024