Military Financial Services Protection Act of 2024

The Military Financial Services Protection Act of 2024 establishes an advisory committee within the Department of Defense to review and improve financial services for active-duty military members and their dependents. The committee, composed of military leaders, financial regulators, and military banking nonprofits, will assess current military banking programs and submit annual reports to Congress and the Defense Secretary on program effectiveness, relevant laws, contract terms with banks/credit unions, and barriers to service delivery. It must produce its first report within 180 days of enactment and operate for five years before terminating. This bill directly affects how the military coordinates with financial institutions to serve service members, focusing on oversight rather than direct regulatory changes.