When it comes to their finances, our servicemen and women don’t just deserve special treatment—it’s the law. The Servicemembers Civil Relief Act (SCRA) provides certain financial protections to active duty service members. Chances are, if you work in the financial services industry, you have customers eligible for SCRA protection.
Given today’s regulatory environment, meeting SCRA-related obligations has never been more crucial: The CFPB ’s new Office of Servicemembers’ Affairs, headed by Hollister Petraeus, has made cracking down on SCRA violators a priority. Furthermore, recent DOJ and OCC enforcement actions against SCRA violators have hammered home the point: lenders and servicers that mistreat our troops will be given no quarter.
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