Banking Military Personnel: MLA, SCRA & Recent Citations

Financial institutions can run afoul of the Servicemembers' Civil Relief Act (SCRA) and Military Lending Act (MLA) which can result in operational, compliance, strategic, and reputational harm. The SCRA was enacted to help servicemembers to devote their time and energy to serving our country by limiting certain actions regarding their loans. Similarly, the MLA limits the amount that creditors may charge for interest, fees, and charges imposed for credit insurance, debt cancellation and suspension, and other credit-related ancillary products sold in connection with the transactions.

This fact-filled webinar will review each of these Acts and provide best practices for compliance. It will walk through the steps necessary at the time of application when a loan becomes delinquent, and when you become aware that a borrower meets the definition of a "covered borrower" under each Act. Sample policy language and other tools to facilitate compliance will be provided.