The New and More Restrictive Military Lending Act plus SCRA Requirements - 2015
Presented by
Andy Zavoina
Recorded on August 27, 2015
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2.0 hours
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ICB Credit: 2.5 CRCM
Many banks do not clearly understand the requirements of the Military Lending Act and the Servicemembers Civil Relief Act. There are disconnects between the banks' frontline staff, backroom personnel, management, auditors and compliance officers. Many banks think these simply do not apply to them because they are not a military bank. That simply isn't true. There are more and more complaints and more and more enforcement actions against banks that don't get it. The CFPB reports complaints, fines and reimbursements are up dramatically. While many enforcement actions are not against banks like yours, your examiners still want to see complete compliance. This means policies, procedures, training and execution. (Yes, "examiners" and "execution" shouldn't be used in the same paragraph, and that is what we want to avoid.)
If you don't have a complete understanding of the protections servicemembers have, this webinar is designed to help you.
The MLA and SCRA protections extend beyond the servicemembers, and beyond loans, reaching deposit accounts. The MLA affects you before you make a loan, while the SCRA largely impacts your existing relationships. We will discuss specific protections and the complaints regulators are receiving that should be taken as early warning signals of problems that need to be addressed. You have an opportunity to learn from the mistakes of others.
In this session, you'll get information to help you understand:
Protecting your customers comes first, but it is your examiners who will want to discuss your policies and procedures and how you address servicemembers' rights. You need to understand what procedures need to address, who must be trained, how to respond to inquiries and more.
In this webinar we will review:
If you have a customer in the military or one who might join, if you have questions on when they can request an interest rate change or delay a foreclosure, I hope you'll join me for this two hour webinar.
Andy Zavoina
The New and More Restrictive Military Lending Act plus SCRA Requirements
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