As the CFPB educates itself on military lending, it will come to understand that payday loans are NOT part of the problem:

Holly Petraeus, head of the Office of Servicemember Affairs in the Treasury Department’s Consumer Financial Protection Bureau, has been traveling to military posts throughout the country and leading dialogues with troops and their families since January.

Petraeus and Elizabeth Warren, the treasury secretary’s special advisor for the Consumer Financial Protection Bureau, are gathering feedback they hope will help them when the new offices officially stand up July 21.

“A significant part of what we’re here to do is be a voice for military families and better understand the financial issues facing military personnel,” Warren said to an audience of about 70 troops and spouses. She added that she and Petraeus want “to make sure that military families have adequate access to financial education, and that there are adequate rules to protect military families.”

For the first time, Warren explained, the Consumer Financial Protection Bureau will have jurisdiction over lenders outside the traditional banking system, such as mortgage brokers, title loaners and check cashers, all of which have preyed on military communities, she said.