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GAO-07-1148R 1 (2007-08-31)

handle is hein.gao/gaocrptauon0001 and id is 1 raw text is: i= i Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 August 31, 2007 The Honorable Tim Johnson Chairman Subcommittee on Financial Institutions Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Lindsey Graham Ranking Member Subcommittee on Personnel Committee on Armed Services United States Senate Subject: Military Personnel: DOD's Predatory Lending Report Addressed Mandated Issues, but Support Is Limited for Some Findings and Recommendations Serious financial problems can adversely affect unit morale and readiness as well as servicemembers' credit histories and military careers. If servicemembers experience serious financial problems, they may be subject to adverse actions such as loss of security clearances, criminal or nonjudicial sanctions, or adverse personnel actions including possible discharge from the military. The Department of Defense's (DOD) Social Compact, which is part of its human capital plan, notes that mission readiness and quality of life depend on whether servicemembers use their financial resources responsibly.' For these reasons, Congress and DOD officials have expressed concerns about servicemembers' financial conditions. DOD is particularly concerned about the use and effects of certain consumer loans that DOD identified as being predatory. In April 2005, we reported about problems servicemembers were experiencing with personal financial management and the steps that DOD was taking to address those issues.2 In another April 2005 report, we noted that DOD did not know the extent to which servicemembers were using consumer loans that DOD considered to be predatory, nor the effects of that usage.3 Our report noted that DOD expressed concerns about four types of loans it labeled as 'DOD's Social Compact is a long-term quality of life strategy for the department. It promotes the advancement of the military community through the reciprocal ties that bind servicemembers, the military mission, and military families by responding to their quality of life needs as individuals and as members of a larger community. See DOD, Office of Military Community and Family Policy, A New Social Compact: A Reciprocal Partnership between the Department of Defense, Service Members and Families (July 2002). 2GAO, Military Personnel: More DOD Actions Needed to Address Servicemembers' Personal Financial Management Issues, GAO-05-348 (Washington, D.C.: Apr. 26, 2005). 3GAO, Military Personnel: DOD's Tools for Curbing the Use and Effects of Predatory Lending Not Fully Utilized, GAO-05-349 (Washington, D.C.: Apr. 26, 2005). GAO-07-1148R DOD Predatory Lending

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