ALBANY, N.Y. (NEWS10) – Senator Charles Schumer is pushing a bill that will protect deployed service members and their finances.
A law states that if a military member is deployed, all of their loans and accounts are frozen, so they can’t lose their car or home because of missed payments. But Sen. Schumer said some lenders either don’t know the law or they are ignoring it.
He said some service members are returning from deployment and find their car has been repossessed or their home has been foreclosed.
Schumer is pushing a bill to give the Consumer Financial Protection Bureau the power to protect veterans.
“There are unscrupulous financial institutions, and unfortunately, many of these institutions take advantage, and there’s no one in the federal government enforcing the law even though there’s a law on the books,” he said. “To me, this is not just a legal issue. It’s a moral issue.”
In the Capital Region, there are 1,744 active duty service members, 1,803 national guardsman, and 2,753 reservists, and all are at risk if they get deployed.