12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
An important fair lending component that is often overlooked is how to properly extend credit to active duty servicemembers. Two federal laws govern these requirements: the Servicemember’s Civil Relief Act (SCRA) and the Military Lending Act (MLA). This program will identify both the protections afforded to active duty servicemembers on existing loans under the SCRA, as well as the MLA’s compliance requirements for new loans made to active duty servicemembers.
Attendance certificate provided to self-report CE credits.
- Maximum rate of interest on existing extensions of credit under the SCRA
- Foreclosure protections under the SCRA and how these were affected by the Economic Growth, Regulatory Relief, and Consumer Protection Act
- Enforcement actions against financial institutions for SCRA violations
- How to properly calculate the Military Annual Percentage Rate (MAPR) under the MLA
- Additional disclosure requirements for new credit extended to active duty servicemembers
- MLA loan product restrictions and limitations
- TAKE-AWAY TOOLKIT
- Quick reference chart comparing SCRA and MLA compliance requirements
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed specifically for lenders, underwriters, lending support staff, collectors, managers, and compliance officers.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.