News & Analysis as of

Servicemembers Civil Relief Act

DOJ Sues Foreclosure Trustee for Illegally Foreclosing on Homes of Servicemembers

by Goodwin on

On November 9, the Department of Justice (“DOJ”) annou?nced its lawsuit against a foreclosure trustee for wrongfully foreclosing on at least twenty-eight servicemembers in violation of the Servicemembers Civil Relief Act...more

Regulators Take the Wheel in Auto Financing Actions

From the Department of Justice (DOJ) to the Massachusetts attorney general, auto financing has been the subject of several recent actions. What happened - The DOJ filed suit against a California-based indirect auto...more

CFPB Student Loan Ombudsman issues sixth annual report

by Ballard Spahr LLP on

The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

Auto-finance companies agree to pay nearly $800,000 to settle Justice Department allegations regarding SCRA auto repossession...

by Ballard Spahr LLP on

The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more

DOJ Issues Annual Report To Congress On 2016 ECOA/FHA/SCRA Enforcement Activities

by Ballard Spahr LLP on

The Department of Justice’s Civil Rights Division has issued its annual report to Congress regarding its activities to enforce the ECOA, FHA and SCRA. The report covers 2016 activities that would have taken place under the...more

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

by Goodwin on

On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

Nevada Enacts Multiple Laws Affecting Consumer Finance

by Ballard Spahr LLP on

Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more

Justice Department Settles with Michigan Credit Union for Violations of the Servicemembers Civil Relief Act

by Ballard Spahr LLP on

The U.S. Department of Justice (DOJ) announced last week that it reached an agreement with Michigan-based COPOCO Community Credit Union to settle a lawsuit alleging that the credit union violated the Servicemembers Civil...more

Bill introduced to give CFPB SCRA enforcement authority

by Ballard Spahr LLP on

A group of Democratic Senators have introduced a bill, the “Military Consumer Protection Act” (S. 1565), that would amend the Consumer Financial Protection Act (CFPA) to include various sections of the Servicemembers Civil...more

Military Consumer Enforcement Act Introduced in Senate Seeks to Enhance SCRA Enforcement

Several U.S. Senators have introduced legislation for a Military Consumer Enforcement Act that would seek to empower the Consumer Financial Protection Bureau (CFPB) to oversee and enforce compliance with the Servicemember...more

CFPB’s Office of Servicemember Affairs Issues Annual Report

by Ballard Spahr LLP on

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

Financial Services Report, Winter 2016

by Morrison & Foerster LLP on

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

by McGuireWoods LLP on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

by Goodwin on

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

by Goodwin on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

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

by Burr & Forman on

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

by Ballard Spahr LLP on

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

by Morrison & Foerster LLP on

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

by WilmerHale on

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

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