Servicemember Issues: Renewed Emphasis by the Agencies

Servicemember issues have been in the news for a few years now. Financial institutions have been taking great care not to treat servicemembers and their family members less favorably, due to the great compliance and reputation risks problems in this area present. But what exactly are the rules?

The Servicemembers Civil Relief Act (SCRA) is the most well-known, of course. But there are other considerations, such as fair lending and even UDAAP. And the new Military Lending Act (MLA) regulations kick in this coming October. These rules will introduce significant new requirements for ALL lenders, whether they know it or not yet. Lenders that believe they don’t have issues to deal with for military borrowers may unfortunately be taken by surprise.

Does your institution know the rules, and what to do and not do? This webinar is designed to address all these issues. Know what it means to reduce the interest rate on active-duty borrowers to 6%, as well as various other protections against foreclosure and other risks. Know how to determine whether you have a “covered borrower” under the MLA and SCRA, as the standards are different.