Servicemembers Civil Relief Act

News & Analysis as of

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

SCRA Compliance, Cybersecurity, and Responsible Innovation Remain Top Priorities at OCC

On August 31, Grovetta Gardineer, the OCC’s Deputy Comptroller for Compliance Operations and Policy, delivered remarks at the Association of Military Bankers of America annual workshop in Leesburg, VA. Throughout her...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

CFPB, 47 State AGs, and District of Columbia Announce $216 Million Settlement to Resolve Credit Card Debt-Buying Investigation

On July 8, the CFPB along with 47 state attorneys general and DC announced an agreement with a major bank to resolve allegations that it sold faulty credit card “zombie debts” to third-party debt buyers, which included...more

CFPB Report Details Ongoing Challenges Between Servicemembers and Student Loan Servicers

On July 7, the CFPB released a report detailing the continued challenges military servicemembers experience related to the servicing of their student loans, particularly when trying to invoke certain rights granted under the...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

National Bank to Pay $30 Million Civil Penalty to OCC for Alleged SCRA Violations

On May 29, the OCC entered into a consent order with a national bank to resolve allegations that it (i) violated the SCRA; (ii) engaged in unsafe and unsound practices in its efforts to comply with the SCRA; and (iii) engaged...more

Department of Education Releases Reports on SCRA Reviews of Major Student Loan Servicers

On May 26, the Department of Education announced the release of reports on its reviews of four major federal student loan servicers, which were conducted to ensure that the servicers adhered to federal law concerning loan...more

California-Based Storage Company Agrees to Settle SCRA Claims

On May 15, a San Diego-based storage company entered into a consent order with the DOJ to settle claims that the company’s practice of auctioning off active duty servicemembers’ stored belongings violated the Servicemembers...more

Starter Interrupters Expose Lenders To SCRA Risks

Individuals often take great care to make a good impression on a first date, but sometimes that’s just not possible. Oscar Fabela Jr. was walking his date back to his car after a movie when he found that his car would not...more

Indiana Enacts Servicemembers Civil Relief Act

On May 4, Indiana Governor Michael Pence signed H.B. 1456 into law, amending the state’s civil relief act to include protections for servicemembers under the federal Servicemembers Civil Relief Act (SCRA)....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

DOJ Reaches Agreement With Leading Mortgage Servicers Over Servicemember Foreclosures

On February 9, the DOJ announced a $123 million settlement with five national mortgage servicers for allegedly violating sections of the SCRA. Specifically, the DOJ alleges that the mortgage servicers subjected over 900...more

A New Balancing Act: The DOJ Provides New Direction Regarding the SCRA's Interest Rate Benefit

When Congress reenacted the Servicemembers’ Civil Relief Act (“SCRA”) in 2003, Congress designed the SCRA to balance the interests of active duty servicemembers and their creditors, as it had done under the SCRA’s predecessor...more

Large National Bank Faces Class Action Suit Over Alleged SCRA Violations

On January 15, an Army Reserve sergeant filed a class action suit against a large national bank for allegedly violating the SCRA limitation on a lender’s ability to foreclose on an active duty service member’s property. ...more

Congress Extends Foreclosure Postponements for Military Servicemembers

At the 11th hour (late December, 2014), Congress extended special provisions in the Servicemembers Civil Relief Act (SCRA) (50 USC App §§501–597a) that mandate postponement of a foreclosure on a military servicemember's...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

Federal District Court Looks to State Statute of Limitations for SCRA Action

On November 25, 2014, the U.S. District Court for the Eastern District of Michigan applied the state’s three-year statute of limitations for conversion in granting a motion to dismiss a servicemember’s claims of wrongful...more

Webinar Recap: The CFPB’s Expanding Oversight of Auto Finance, Part I

On October 1, 2014, BuckleySandler hosted a webinar, The CFPB’s Expanding Oversight of Auto Finance, Part One. Through an examination of the Consumer Financial Protection Bureau’s (CFPB) authority, recent enforcement...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

Mortgage Servicers Partner With Obama Administration To Enhance SCRA Protections

On August 26, the Obama Administration announced a new partnership with residential mortgage servicers designed to enhance protections under the Servicemember Civil Relief Act (SCRA). Speaking to the American Legion...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

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