Military veterans may be especially vulnerable to deceptive advertising. Many veterans are older and receive military retirement benefits, both traits that scammers love. To help in protecting veterans, the Consumer Financial Protection Bureau (CFPB) permanently barred RMK Financial for what it called "repeat offenses against vets and their families.” This mortgage loan company deceived military families into believing the government was involved in the advertisements or loans, the interests rates, key policy terms, and loan requirements were misrepresented. Potential savings from refinancing was also falsely projected. The CFPB warned the company in 2015 but they did not change their business practices.
The CFPB also wants to warn veterans of predatory “coaches” or “consultants” who advertise they are able to help with VA benefit claims. These may not be accredited to practice before the VA. The CFPB has stated, “We have heard reports that unscrupulous actors have misled some veterans into paying hundreds of thousands of dollars in illegal fees.” Any attorney seeking benefits for a veteran under the Camp Lejeune Justice Act of 2022 (CLJA) must be currently accredited with the VA.
Comments