Servicemembers Civil Relief Act

News & Analysis as of

Financial Services Report, Winter 2016

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

The U.S. Department of Justice is Ramping Up its Enforcement of the Servicemembers Civil Relief Act

Think you are in compliance with the Servicemembers Civil Relief Act? Now would be a good time to make sure since the federal government is increasing its enforcement efforts as part of its Servicemembers and Veterans...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

SCRA website malfunctioning

According to an announcement posted on the Servicemembers Civil Relief Act Website, “[a] bug in the SCRA website is causing the site to give false negatives for some National Guard members whose service should be positively...more

DOJ & OCC Enter Consent Order with National Bank Over Debt Collection from Servicemembers

On September 29, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a national bank over allegations that the bank had engaged in unlawful debt collection practices, in violation of...more

DOJ Settles SCRA Violations with Auto Financing Company for $400K

On August 8, the Department of Justice (DOJ) announced that an auto financing company agreed to pay $434,500 to settle alleged violations of the Servicemembers Civil Relief Act (SCRA). The DOJ alleged in its complaint that...more

Defense Database for Military Status of Borrower Still a Work in Progress

Lenders and servicers seeking to comply with the Servicemembers’ Civil Relief Act (SCRA) who depend on the commonly used Defense Manpower Data Center (DMDC) database have a little more comfort now on the accuracy of their...more

Third Circuit Holds SCRA Protections Do Not Extend to Servicemember-Owned Businesses

In a unanimous opinion in Davis v. City of Philadelphia, the U.S. Court of Appeals for the Third Circuit has held that Servicemembers Civil Relief Act (SCRA) protections do not extend to a servicemember's solely owned...more

One-Year Period of SCRA Foreclosure Protection Remains in Effect through 2017

On March 31, 2016, President Obama signed into law the Foreclosure Relief and Extension for Servicemembers Act of 2015, which continues through December 2017 a provision of the Servicemembers Civil Relief Act (SCRA) that...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

Overview of Financial Protections for Military Service Members, Including the New Military Lending Act

The U.S. Department of Defense (“DOD”) has put into effect the newly amended Military Lending Act (“MLA”) rule, which applies the protections of the MLA’s strict lending restrictions to consumer credit card issuers and...more

Appellate Court Refuses to Vacate Voluntary Dismissal Undertaken With Mistaken Belief Claim Was Time-Barred

In Cottrell as Trustee v. Taylor, Bean & Whitaker Mortgage Corp., 41 Fla. L. Weekly D141f, 2D14-5885 (Fla. 2d DCA Jan. 8, 2016), Florida’s Second District Court of Appeal examined the applicability of Rule 1.540(b) to notices...more

NY Times publishes another article on arbitration

This past Sunday, the NY Times published an article carrying the headline, “Efforts to Rein in Arbitration Come Under Well-Financed Attack.” The “well-financed attack” to which the headlined refers appears to be an...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Department of Defense Issues Final Rule Expanding Military Lending Act to Credit Cards and Other Consumer Lending Products

On July 21, 2015, the U.S. Department of Defense (“DOD”) announced the final rule amending the Military Lending Act’s (“MLA”) implementing regulations. The changes apply the MLA’s strict lending restrictions to consumer...more

Proposed New Legislation Would Extend CFPB Oversight Over SCRA

On June 11, 2015, Sen. Jack Reed [D-RI] introduced a bill amending the Consumer Financial Protection Act to extend CFPB oversight and protection to include key provisions of the Servicemembers Civil Relief Act (SCRA). The...more

Justice Department’s ECOA report describes joint CFPB activity

The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more

SCRA Post-Service Protections Extended

The Servicemembers’ Civil Relief Act (SCRA) was created to help relieve or suspend the financial burdens placed upon those serving in the U.S. military. One of the key protections afforded by the SCRA is a temporary stay of...more

CFPB Update: CFPB Orders $3.1 Million in Refunds to Military Servicemembers in Fifth Case Involving Military Allotments

On Monday, the Consumer Financial Protection Bureau (CFPB) announced the latest in a series of five enforcement actions involving military allotments: a $3.1 million consent order against a payment processor, Military...more

Locke Lord QuickStudy: April Fools Prank or Legitimate OCC Guidance on SCRA?

Why would the Office of the Comptroller of the Currency (the OCC) issue a Bulletin on April Fools’ Day? In the OCC Bulletin 2015-21, issued April 1st 2015, the OCC advised that certain protections of the Servicemembers...more

Congress votes unanimously to extend SCRA one-year foreclosure protection period

Congress has unanimously approved legislation to extend until January 2016 a provision of the Servicemembers Civil Relief Act (SCRA) that prohibits foreclosing on a servicemember’s house for one year following the...more

Battling on the Front Lines of Foreclosures: What must a Lender consider and do when foreclosing on a property owned by a...

A complicated, but sometimes overlooked, issue facing foreclosing lenders is properly handling and defending against claims that a servicemember-owner is entitled to protections from foreclosure based on his or her status as...more

Department of Education adopts new procedures for lenders and servicers of federal student loans to use to determine SCRA...

This past May, we wrote about the $60 million Servicemembers Civil Relief Act (SCRA) settlement announced by the Department of Justice (DOJ) and Department of Education (ED) with a major student loan servicer and expressed...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

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

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