Military Consumer Protection

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The Congress Ramps Up Action On Cybersecurity Legislation - Possibilities For Data Protection/Breach Legislation Still Exist

While not a day goes by without a new cybersecurity attack, the recent news of the Russian criminal gang who is alleged to have stolen over 1 billion user names and passwords as well as 500 million email addresses reinforces...more

CFPB Interagency Agreement Increases Oversight Of Colleges Serving Veterans

Recently, the CFPB signed a memorandum of understanding with the Departments of Veterans Affairs, Defense and Education to improve outreach and transparency to veterans and servicemembers by providing meaningful information...more

Deputy Comptroller Describes OCC’s SCRA, Consumer Compliance Focus

On August 18, in a speech to the Association of Military Banks of America, Deputy Comptroller for Compliance Policy Grovetta Gardineer described the OCC’s increasing supervisory and enforcement focus on SCRA compliance....more

CFPB announces higher education memorandum of understanding

The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to...more

CFPB, AG’s, secure $92M in debt relief for servicemembers victimized by predatory lending

The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned...more

OCC steps up SCRA focus in exams

As we have been reporting, the CFPB has made the Servicemembers Civil Relief Act (SCRA) a major focus and instructs its examiners to look at SCRA compliance during examinations. The OCC has also stepped up its focus on SCRA...more

CFPB settles with military base retailer for alleged fee scam; Senators seek CFPB investigation of retailer’s debt collection...

The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges...more

Delaware Enacts State SCRA Law

On July 23, Delaware Governor Jack Markell signed SB 206, which incorporates federal protections for servicemembers under the Servicemembers Civil Relief Act into state law, extends those protections to members of the...more

Servicemembers Civil Relief Act: Critical Takeaways

After many years of U.S. military mobilizations and overseas deployments since 2001, our clients have learned some valuable lessons about consumer rights and privileges triggered by military service. Here are some of the...more

Senator Hagan Introduces the Servicemember Higher Education Protection Act

New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Financial Institutions and Creditors’ Rights: Ninth Circuit Finds SCRA Liability Based on Prior Servicer’s Actions

The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty. The...more

VA Issues ‘Qualified Mortgage’ Definition for VA Guaranteed or Insured Loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Senator Durbin Presses Student Loan Servicers On SCRA; Consumer Group Wants More Student Borrower Information

On May 14, Senator Dick Durbin (D-IL) sent a letter to student loan servicers calling on them to voluntarily establish a liaison for servicemembers with student loan accounts to assist those servicemember with obtaining SCRA...more

DOD Report Previews Expansion Of Military Lending Act Regulations

Recently, the Department of Defense (DOD) published a report on the Military Lending Act (MLA), as requested in the House report that accompanied the fiscal year 2013 National Defense Authorization Act (FY 2013 NDAA)....more

Has the SCRA been amended for everyone?

Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for...more

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Washington Amends State SCRA Statute To Provide State Remedy For Violation Of Federal SCRA

On March 27, Washington Governor Jay Inslee signed SB 2171, which amends the Washington Service Member’s Civil Relief Act (WSCRA) to provide that a violation of the federal Servicemembers Civil Relief Act is a violation of...more

CFPB Releases Report on Servicemember Complaints

The CFPB released a report summarizing the recent complaints of servicemembers, veterans, and their families regarding various financial products and services. The report, which is the CFPB’s second such report, covered...more

CFPB issues second report on servicemember complaints

Earlier this month, the CFPB issued a press release describing its second snapshot report of complaints from military consumers. The report details complaints the CFPB has received from servicemembers, veterans, and their...more

CFPB Releases Snapshot Of Servicemember Complaints

On March 6, the CFPB released a “snapshot” of servicemember complaints prepared by the Office of Servicemember Affairs (OSA), which analyzes the military consumer complaints received since July 2011. According to the report,...more

The SCRA can be a Minefield: Recent Ninth Circuit Opinion Addresses Foreclosure Protection

On February 7, the U.S. Ninth Circuit Court of Appeals issued its opinion in Brewster v. Sun Trust Mortgage, Inc. The decision stands as a stark reminder to mortgage lenders and servicers of the importance of verifying a...more

CFPB Joins With DOD, VA, And Others To Launch Servicemember Education Complaint System

On January 30 the CFPB, the Department of Defense (DOD), the Department of Veterans Affairs (VA), the FTC, and other federal agencies announced the launch of a new online system designed to collect information from veterans,...more

Federal agencies launch new servicemember higher education complaint process

Servicemembers now have more channels for submitting complaints relating to their higher education. In addition to their ability to submit complaints about student loans via the CFPB’s complaint system, servicemembers using...more

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