The Government Accountability Office issued a call to financial regulators to step up enforcement of the Servicemembers Civil Relief Act / SCRA through much more detailed examinations.
How prepared is your bank? In light of the hot litigation environment and enhanced scrutiny by regulators, it is absolutely necessary that every lender and servicer / collector be certain to understand this important law.
Ensure your bank’s SCRA compliance with the limits, prohibitions and waivers; along with the special circumstances, such as eviction, property purchases, mortgages, leases and the latest SCRA foreclosure protections, mortgage servicing practices with permanent change of station order / PCS and revised disclosure notice.
The SCRA Compliance Management Toolkit will provide the information you need to make sure your bank understands and is in full compliance with the SCRA. The Toolkit covers:
- SCRA Policy and Notice Disclosure: Ensure your bank’s policy is up-to-date and in compliance with the Act. Covers – Affidavit Requirement, Interest Rate, Installment Contracts / Leases, Mortgages / Trust Deeds, Mortgage Servicing Practices with PCS, Extension f Power of Attorney, Exercise of Right, Impact on Loan Portfolio
- SCRA Compliance Review Objectives / Instructions: For use with the SCRA Compliance Review Procedures and the SCRA Compliance Review model. Covers – Interest Rate, Residential / Motor Vehicle Purchases / Leases, Foreclosure and Eviction from Bank-Owner Property, Mortgage Servicing Practices with PCS, Life Insurance Assigned as Security, Adverse Action, Relief of Other Obligors, Review Objectives, Applicable Laws and Regulations
- SCRA Regulatory Compliance Review Procedures: Ensure your bank’s compliance with the Act.
- SCRA Compliance Review Model with Report Format: Excellent tool to ensure complete compliance with the SCRA requirements, along with automatically generating your Compliance Review Report! Covers all the requirements under the Act, along with Transaction Testing.
- SCRA PowerPoint Training: Ensure the necessary SCRA training for your staff!