Removing Barriers Blog

CFPB expands financial education tool to active-duty service-members
Posted May 23, 2019 by CUNA Advocacy

Earlier today, the CFPB announced that their financial education tool called "Misadventures in Money Management" has been expanded to active-duty servicemembers. 

The Misadventures in Money Management tool was initially developed for future servicemembers who had signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training.  However, today’s expansion extends the resource to all servicemembers on active duty, including in the Reserve or the National Guard.

The program includes information related to “consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career.”

 Additional information about the program and the press release are below!


CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES

FINANCIAL EDUCATION TOOL FOR ACTIVE-DUTY SERVICEMEMBERS

“Misadventures in Money Management” Expands to Wider Audience

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) significantly expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management (MIMM.gov) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training. Today the CFPB is expanding the program to be available for all servicemembers on active duty, including in the Reserve or the National Guard.

“Misadventures in Money Management is a valuable resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes,” said CFPB Director Kathleen L. Kraninger. “Improving the financial readiness of our military servicemembers is important so they can focus on the mission at hand.”

The CFPB first launched Misadventures in Money Management three years ago, then customized a second iteration for future leaders to support high school and college students enrolled in the Army Reserve Officers’ Training Corps program. The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career. 

Director Kraninger made today’s announcement with the Sergeant Major of the Army, Daniel Dailey, and Chief Master Sergeant Jayme Wardrop of the Air Force, at Joint-Base San Antonio in Texas.