Military Law, Finance & Banking

Spotlight On The SCRA (Part 1 of 3): Increased Enforcement Activity

by BuckleySandler LLP on 5/13/2013

The Servicemembers Civil Relief Act (SCRA) is designed to provide protection for military members as they enter active duty. The Act has origins dating back to the Civil War, but was first solidified in 1940 with the passage...more

CFPB Issues Semiannual Servicemember Complaint Report

by BuckleySandler LLP on 5/13/2013

On May 1, the CFPB’s Office of Servicemember Affairs published its Semi-Annual Complaint Report, which states that the volume of complaints from servicemembers, veterans, and their families has steadily increased since the...more

The SCRA and Motor Vehicles - Auto Loans Vroom into the Forefront of Enforcement

by King & Spalding on 5/8/2013

In 2003, Congress passed the Servicemembers Civil Relief Act (SCRA or “Act”), which updated and replaced the Soldiers’ and Sailors’ Civil Relief Act. The SCRA has been described as the “greatest single statutory source of...more

CFPB issues report on servicemember complaints

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more

Mortgagee and Mortgagor Standing and the Servicemembers’ Civil Relief Act

by Mark Adelman | Partridge Snow & Hahn LLP on 4/23/2013

The Massachusetts Supreme Judicial Court, in HSBC Bank USA, N.A., Trustee v. Jodi B. Matt, No. 11101 (Jan. 14, 2013), recently clarified the issue of standing for both plaintiffs and defendants in actions under the...more

TBTF Servicing: Another Issue for Originators to Consider

by Russell Koonin, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 4/18/2013

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

DOJ Announces Payments Under 2011 SCRA Settlements

by BuckleySandler LLP on 4/12/2013

On April 4, the DOJ announced that two mortgage servicers will pay a combined $39 million to 316 servicemembers pursuant to SCRA settlements from 2011. Those settlement agreements resolved allegations that the mortgage...more

Federal Reserve Board Responds To SCRA Compliance Questions

by BuckleySandler LLP on 4/11/2013

On March 29, the Federal Reserve Board published its quarterly Consumer Compliance Outlook, which includes the Board’s response to questions raised during a September 2012 interagency webinar on servicemember protection...more

CFPB seeking information on strategies to build financial capabilities for veterans and other special groups

by Barbara S. Mishkin | Ballard Spahr LLP on 4/10/2013

The CFPB is looking for responses by April 12 to two Requests for Information it has filed seeking information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are...more

Fannie Mae Announces Numerous Servicing Policy Changes

by BuckleySandler LLP on 4/9/2013

On April 3, Fannie Mae issued Servicing Guide Announcement SVC-2013-07, which outlines policy updates regarding (i) lender-placed property insurance requirements, (ii) military indulgence reporting and reimbursement...more

Federal Grand Jury Returns Indictment For Alleged Servicemembers Civil Relief Act Violations

by BuckleySandler LLP on 4/4/2013

On March 28, the U.S. Attorney for the Northern District of Alabama announced that a federal grand jury had returned a two-count indictment against a used car dealer for violating the Servicemembers Civil Relief Act (SCRA)....more

Servicemembers Civil Relief Act: Provisions Affecting Banking Institutions

by Angela Beblo, Brienne Marco | Spilman Thomas & Battle, PLLC on 3/25/2013

According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more...more

Levick Weekly - February 15, 2013: S&P’S Ordeal IS There Life After Eric Holder?

by Ernest DelBuono, Kara Flynn, Richard S. Levick | LEVICK on 2/18/2013

In This Issue: - S&P’S Ordeal Is There Life After Eric Holder? - The PR problem the Pentagon & VA Share - Change.Org A powerful adversary for brands - Blogs worth following - Levick in the news - Excerpt...more

This Week in Washington - January 25, 2013

by Patton Boggs LLP on 2/1/2013

In This Issue: - DOMESTIC POLICY MATTERS - Inauguration. After being officially sworn in to a second term at the White House on Sunday, January 20, as prescribed by law, President Barack Obama and Vice...more

Massachusetts Supreme Court Holds Standing In Servicemember Proceeding Requires Evidence Of Mortgagee Status

by BuckleySandler LLP on 1/25/2013

On January 14, the Massachusetts Supreme Judicial Court (SJC) reversed a Land Court decision and held that a trustee lacked standing to bring a servicemember proceeding because the trustee was not the clear holder of either...more

President Signs Bill Enhancing Enforcement Of The Military Lending Act

by BuckleySandler LLP on 1/14/2013

On January 2, President Obama signed H.R. 4310, the National Defense Authorization Act (NDAA) for Fiscal Year 2013, which includes provisions that enhance federal enforcement of the Military Lending Act (MLA). The MLA (i)...more

Congress passes bill giving CFPB authority to enforce Military Lending Act and creating civil liability for violations

by Alan S. Kaplinsky | Ballard Spahr LLP on 12/28/2012

The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report....more

CFPB Fair Lending Updates – Expectations for Enforcement and Regulation in 2013

by Melanie Brody, Tori K. Shinohara | K&L Gates LLP on 12/19/2012

Signaling that 2013 will be another eventful year in the fair lending world, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued two items this month that reveal an ambitious agenda for fair lending...more

Defense Agencies Seek Electrical Power from Biomass

by Mintz Levin - Energy & Clean Technology on 12/14/2012

On December 12, 2012, the Defense Logistics Agency – Energy (DLA-E), in close coordination with the Army Energy Initiatives Task Force (EITF), released a Request for Proposal (RFP) for electrical power from a biomass...more

Dismissal of Putative Class Action Lawsuit for Alleged Violations of the Servicemembers' Civil Relief Act

by Keith S. Anderson, Robert Maddox, Michael R. Pennington | Bradley Arant Boult Cummings LLP on 12/12/2012

In a putative class action handled by Robert Maddox, Mike Pennington, and Keith Anderson, the Northern District of Alabama recently dismissed a lawsuit for alleged violations of the Servicemembers’ Civil Relief Act (“SCRA”)....more

OCC Issues Bulletin Regarding Extended SCRA Protections

by BuckleySandler LLP on 11/27/2012

On November 19, the OCC issued Bulletin 2012-37, which advises all national banks and federal savings associations of the extension of certain servicemember protections afforded by the Servicemembers Civil Relief Act (SCRA)....more

You Can't Handle The Truth: Fact, Fiction and the Servicemembers Civil Relief Act

by Kirk Jensen on 11/20/2012

Compliance with the Servicemembers Civil Relief Act, 50 USC app. §§501 is essential in light of recent SCRA settlements including large monetary penalties and ongoing compliance monitoring. In this article, published in...more

National Mortgage Settlement Monitor Seeks Servicemember Complaints

by BuckleySandler LLP on 11/19/2012

On November 12, National Mortgage Settlement Monitor Joseph Smith, Jr. launched a military-specific outreach program to encourage servicemembers to report mortgage servicing complaints using an online form. The Monitor...more

Department of Defense Energy Initiatives Update: What's Next? How Will the Election Impact Energy Programs?

by Wilson Sonsini Goodrich & Rosati on 11/6/2012

Hundreds of industry representatives from companies of all types and sizes spent countless hours over the summer preparing submissions to the U.S. Army's $7 billion Renewable and Alternative Energy Power Production for...more

Student Loans: Some Issues to Consider

by Cozen O'Connor on 11/2/2012

Although these are not the only aspects of student loan policy that will come up in the next legislative session, these issues will drive the discussion regarding student loans. Student loan debt is being reported as the...more

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Military Law › Finance & Banking