Military Finance & Banking

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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

Dewonkify – Overseas Contingency Operations

Term: Overseas Contingency Operations (OCO) Definition: OCO funding is money set aside in the federal budget for expenses connected to overseas operations such as: crisis response, infrastructure and coalition support...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

Newsletters - Feb 28, 2014: The Elevator Speech Overview

The U.S. House and Senate were both in session this past week, returning from a week long work period in district. The National Governors Association (NGA) met in Washington DC for their annual winter meeting, discussing...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

Ninth Circuit Holds Attempted Collection of Foreclosure Related Fees Violates SCRA

The United States Court of Appeals for the Ninth Circuit reversed a district court decision granting defendant’s motion to dismiss plaintiff’s claim that defendant violated section 533 of the Servicemembers Civil Relief Act...more

Ninth Circuit Holds Failure To Remove Fees From Withdrawn Foreclosure Violates SCRA

On February 7, the U.S. Court of Appeals for the Ninth Circuit held that the attempted collection of past due foreclosure-related fees from a borrower in active duty military service is a violation of section 533 of the...more

GAO Issues Report On SCRA Mortgage Protections

On January 28, the GAO issued a report on SCRA mortgage protections required by the 2012 legislation that extended those protections. Using data from three large mortgage servicers and a large credit union, the GAO examined...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

Highway To The Danger Zone: Automotive Lending And The Servicemembers Civil Relief Act

This past March, Carl Nuss — a 75-year-old used car dealer from Birmingham, Alabama — received a letter from one of his customers, requesting that Mr. Nuss reduce the customer’s interest rate to six percent since the customer...more

VA Issues Statement On ATR/QM Rule

On January 9, the Department of Veterans Affairs (VA) issued Circular 26-14-1, which clarifies lender requirements for home loans guaranteed by the VA under the TILA and the CFPB’s Ability to Repay and Qualified Mortgage...more

Auto Lease Cash Capitalized Cost Reduction Payment Refundable under SCRA, Maryland Federal Court Rules

In connection with a motion to dismiss, a Maryland federal district court has ruled that the cash “capitalized cost reduction” (CCR) payment allegedly made by a military servicemember upon signing his auto lease was...more

CFPB Action Against Payday Lender to be Followed by New Military Lending Act Regulations

On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

FTC Emphasizes 'Aggressive Enforcement' and 'Vigorous Education' on Military Consumer Protection Issues

Charles A. Harwood, Deputy Director of the Bureau of Consumer Protection of the Federal Trade Commission, testified before a U.S. Senate committee last week about military consumer protection issues. Deputy Director Harwood's...more

Proposal to expand Military Loan Act coverage appears likely

Based on testimony to a Senate Committee last week by Holly Petraeus, CFPB Assistant Director with the Office of Servicemember Affairs, it looks very likely that an expansion of Military Loan Act coverage will be among...more

CFPB Announces First Enforcement Action Against Payday Lender

On November 20, the CFPB announced the resolution of an enforcement action against one of the largest payday lenders in the country. The consent order alleges that the lender and an online lending subsidiary made hundreds of...more

Students, Loan Servicers And The Servicemembers Civil Relief Act

Over the past two years, mortgage loan servicers have faced an onslaught of regulatory scrutiny, enforcement actions and targeted litigation. The Department of Justice, state attorneys general and the federal banking...more

Another Court Affirms DOJ Financial Fraud Strategy

On Sept. 24, 2013, Judge Jesse Furman in the Southern District of New York released his widely anticipated decision allowing the U.S. Department of Justice’s False Claims Act and Financial Institutions Reform, Recovery and...more

Delaware AG Initiates SCRA Inquiry

On October 3, Delaware Attorney General Beau Biden (DE AG) announced that his office sent letters to nearly 30 lending institutions asking for information about their compliance with the Servicemembers Civil Relief Act...more

CFPB Issues Examination Procedures for Military Payday Lending

The CFPB issued updates to its examination procedures for payday lending. The updated examination procedures include guidance for examiners of payday lenders that make loans to servicemembers, including reviewing for...more

CFPB Releases Revised Payday Loan Exam Manual Incorporating MLA Requirements

On September 17, the CFPB released revised short-term, small-dollar lending Examination Procedures that incorporate the regulations issued by the Department of Defense (DoD) to implemente the Military Lending Act (MLA),...more

Much to do about nothing? CFPB guidelines, servicemembers and payday lending

Amid fanfare about its commitment to the protection of the military, the CFPB has released new guidelines to assist its examiners regarding payday and title loans to military servicemembers and their dependents. “Protecting...more

California Expands Certain Servicemember Protections

On September 6, California enacted AB 526, which, among other things, expands certain financial protections for military reservists. Current state law allows U.S. Military Reserve and National Guard members who are called to...more

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