Compliance for Banks & Lenders

By: Roy L. Kaufmann

Court Changes SCRA Expectations for Lenders

What are the SCRA expectations for lenders regarding the Servicemembers Civil Relief Act?The interpretation of this longtime federal law has been that it is the responsibility of servicemembers to notify lenders when they believe they are due protections.But …

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By: Roy L. Kaufmann

What Do Proposed Changes to Forced Arbitration and the SCRA Mean to Lenders?

Congress recently announced plans to re-introduce a bill to ban the use of forced arbitration in cases involving the Servicemembers Civil Relief Act. This move may prove to have a serious impact on lenders.The bill, known as the Justice …

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By: Roy L. Kaufmann

Lender to Pay Fine for SCRA Violation

Lenders and car dealerships beware when repossessing cars. California Auto Finance agreed to pay $80,000 in a settlement with the Department of Justice. This is the company’s second fine for an SCRA violation.The DOJ filed suit against California Auto …

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By: Roy L. Kaufmann

SCRA Updates Help Lenders Verify Military Status

New SCRA updates make it easier for servicemembers to verify military status to lenders. One of the significant benefits to servicemembers under the Servicemembers Civil Relief Act (“SCRA”) is the possibility that interest rates on certain loans and credit card …

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By: Roy L. Kaufmann

Why Do I Need an Affidavit of Due Diligence?

When, despite all your best efforts, you cannot determine the military status of the defendant in your court case, you will need an affidavit of due diligence. Some businesses deal with members of the military more than others. These include …

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By: Roy L. Kaufmann

The Military Affidavit in the Collection Process

certificate of nonmilitary servic To verify military status of an individual and get a military affidavit, log in to your account above. If you aren’t registered, you can register here. Transcript: Let’s first define the military affidavit. As you …

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By: Roy L. Kaufmann

Lender Retaliation After SCRA Rights Are Invoked is Prohibited

Servicemembers are entitled to certain SCRA rights. Lenders who violate them — intentionally or otherwise — may find themselves in trouble with the law. When a servicemember asks a creditor for to extend privileges under the Servicemembers Civil Relief Act …

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By: Roy L. Kaufmann

When Are Servicemembers Entitled to Lower Interest Rates?

The Servicemembers Civil Relief Act (“SCRA”) protects servicemembers from some court actions and financial costs. One SCRA benefit involves lower interest rates. Under the SCRA, which Congress enacted to relieve servicemembers of some worries back home while they are out …

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