(Washington, D.C.) – Today, Senate Veterans’ Affairs Committee Chairman, Senator Patty Murray, released the following statement regarding the announcement of a number of new financial initiatives for servicemembers and veterans. This announcement comes just one week after Senator Murray sent a letter to Holly Petraeus, head of the Office of Servicemember Affairs in the Consumer Financial Protection Bureau at the U.S. Treasury Department, regarding some financial institutions that were not offering protections to servicemembers provided under the Servicemembers Civil Relief Act (SCRA). SCRA is under the jurisdiction of the Senate Committee on Veterans’ Affairs.
“These new programs, which go above and beyond what is mandated by law, will help ease concerns over financial situations at home for servicemembers,” said Senator Murray. “I am also thrilled that they include plans to find new ways to harness the skills of servicemembers and veterans as employees. I will continue to fight to ensure that the housing and employment needs of the men and women who serve our nation are met.”
Included in the new initiatives, which are being offered by JPMorgan Chase, are:
• A lowering of interest rates to 4% for SCRA-protected eligible borrowers;
• A pledge to not foreclose on any currently-deployed servicemembers;
• A pledge to donate 1,000 homes to servicemembers and veterans over the next five years; and
• A pledge to partner with other major corporate employers to hire 100,000 servicemembers and veterans over the next ten years.