SCRA

NY Times publishes another article on arbitration

By Barbara S. Mishkin on November 17, 2015

Posted in Arbitration, Regulatory and Enforcement

This past Sunday, the NY Times published an article carrying the headline, “Efforts to Rein in Arbitration Come Under Well-Financed Attack.” The “well-financed attack” to which the headline refers appears to be an advertisement critical of the CFPB that ran during last week’s Republican presidential debate and recent efforts by the U.S.… Continue Reading

CFPB issues new report on servicemember student loans

By John L. Culhane, Jr. on July 9, 2015

Posted in Military Issues, Regulatory and Enforcement, Student Loans

A new CFPB report entitled “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform” contains the CFPB’s findings regarding student loan servicing problems faced by servicemembers. According to the CFPB, it has handled more than 1,300 complaints from military borrowers relating to the servicing or collection of student loans since it published its last report on this topic in October 2012. … Continue Reading

Department of Education adopts new procedures for lenders and servicers of federal student loans to use to determine SCRA eligibility

By John L. Culhane, Jr. on September 4, 2014

Posted in Military Issues, Regulatory and Enforcement, Student Loans

This past May, we wrote about the $60 million Servicemembers Civil Relief Act (SCRA) settlement announced by the Department of Justice (DOJ) and Department of Education (ED) with a major student loan servicer and expressed our concern that the settlement could be seen as changing the rules for when all servicers must reduce the interest rate on a loan to a servicemember to 6 percent. … Continue Reading

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

By John L. Culhane, Jr. on May 14, 2014

Posted in CFPB General, Military Issues, Regulatory and Enforcement, Student Loans

Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for failing to reduce the interest rates on loans to servicemembers to 6 percent, when allegedly required to do so by the Servicemembers Civil Relief Act (the “SCRA”), the federal law that provides various benefits to servicemembers so that they can better focus on their military obligations. … Continue Reading

CFPB participates on an interagency discussion on SCRA compliance and servicemember protection

Posted on September 13, 2012

Posted in CFPB General, Mortgages, Regulatory and Enforcement

On Monday September 10, the CFPB participated in an interagency discussion hosted by the Federal Reserve on servicemember protections and SCRA compliance. Representatives from the prudential regulators and the Department of Justice also participated in the webinar. Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, kicked off the substantive portion of the discussion, highlighting what she identified as the two top issues facing military homeowners that were raised during her visits to roughly 35 military installations. … Continue Reading

Federal agencies to host SCRA webinar

Posted on September 6, 2012

Posted in Federal Agencies, Regulatory and Enforcement

Next Monday, September 10, the federal financial regulatory agencies will host an interagency discussion on servicemember protections and SCRA compliance issues. The discussion topics include: