Entries in Predatory Lending (1)


Holly Petraeus to Take on Predatory Lending

Photo Courtesy - Getty Images(WASHINGTON) -- Holly Petraeus, the wife of the top American general in Afghanistan, Gen. David Petraeus, will soon hold a newly created position in the Obama administration, helping to protect military families from the scourge of predatory lenders.

Though not well known to the American public, the low-key wife of one of America's most popular figures has long worked to raise awareness about the issue. Holly Petraeus will be named to a position at the newly created Consumer Financial Protection Bureau by Obama appointee Elizabeth Warren.

Warren told ABC News that the new agency will be taking responsibility for enforcing predatory lending laws.

"The message has now been delivered that we can't continue with business as usual, we can't continue with products people don't understand," Warren said.

Petraeus will specialize in protecting military families from predatory lenders who have been a constant headache for the military for many years.

Predatory lending is not a new problem in military communities. It is a frequent sight to see pawn shops, check-cashing stores and auto loan offices located just beyond the entrances to America's military bases.

The businesses offer cash advances to military members and their families, who may be unprepared for the extremely high interest rates the lenders will charge them.

While she has generally shunned the public spotlight that has made her husband a household name, Petraeus' new position in the administration will undoubtedly raise her public profile and raise awareness about an issue she has worked on for years. In addition to being an outspoken critic of predatory lending, for the past six years she has headed the Better Business Bureau's Military Line, which educates military personnel about scams and provides them with guidance for better financial planning.

Petraeus became involved with taking on predatory lending when her husband was in command of the 101st Airborne Division based at Fort Campbell, Ky.

Copyright 2011 ABC News Radio

ABC News Radio