CFA Applauds Senator Markey for Introduction of MSA

The Consumer Federation of America (CFA) applauds the introduction of the Military Savings Act of 2013 that would establish a pilot program to develop innovative consumer financial products that encourage savings and wealth-creation among active-duty servicemembers. CFA has worked with the Department of Defense (DoD) to create the Military Saves program, which is active on bases throughout the world for all four services, the Reserves, the National Guard and the Coast Guard. Institutional efforts by the DoD to spur the creation of innovative savings tools will not only help increase the financial security of military families, but will reduce demand for abusive, high-cost loans and strengthen military readiness.