Petraeus' Wife To Lead Fraud Agency's Military Arm Holly Petraeus, whose husband is the general commanding the U.S. troops in Afghanistan, has been tapped to set up an office of the Consumer Financial Protection Bureau that will focus on helping service members avoid fraud and abuse.
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Petraeus' Wife To Lead Fraud Agency's Military Arm

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Petraeus' Wife To Lead Fraud Agency's Military Arm

Petraeus' Wife To Lead Fraud Agency's Military Arm

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STEVE INSKEEP, Host:

NPR's Wendy Kaufman reports.

WENDY KAUFMAN: Holly Petraeus has been tireless in her efforts to protect members of the military from predatory lending and other abusive practices. For the past six years, she's been working on behalf of service members at the Better Business Bureau, and she knows what she's talking about. She said she and her husband were themselves easy prey as a young Army couple.

KAUFMAN: We made some of the rookie financial mistakes that I counsel people against today: buying the expensive sports car, signing an apartment rental contract sight unseen based on a slick brochure, putting money into a questionable investment opportunity without doing any serious research simply because it promised great returns.

KAUFMAN: Mike Calhoun, president of the Center for Responsible Lending, says Petraeus is the perfect individual to set up the office. He cites her knowledge and commitment. He adds the country will benefit when service members are on sound financial footing.

KAUFMAN: A service member who's worrying about whether their family can pay their bills or being harassed by creditors just can't function effectively.

KAUFMAN: Wendy Kaufman, NPR News.

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