All in SCRA

On 12/20/2021, the Department of Justice and Consumer Financial Protection Bureau (CFPB) issued two joint letters to remind Landlords and Mortgage Servicers to Adhere to the CARES Act and Additional Legal Requirements Under the Servicemembers Civil Relief Act. The first letter was sent to landlords and other housing providers regarding protections for military tenants. The second letter was sent to mortgage servicers regarding military borrowers who have already exited or will be exiting COVID-19 mortgage forbearance programs in the coming weeks and months. The Justice Department and CFPB are calling on mortgage servicers and landlords to ensure that military homeowners and tenants are safeguarded during the pandemic and benefit equally from the nation’s economic recovery.

VIDEO: Difference Between SCRA & MLA

In this Compliance Clip (video), Adam discusses the difference between SCRA and MLA - and gets a bit repetitive at times trying to drive his point home. This video is a must watch for those who need to understand compliance rules for lending to servicemembers.

On 3/4/21, the Office of the Comptroller of the Currency (OCC) issued a revised “Servicemembers Civil Relief Act” booklet, which is part of their larger Comptroller’s Handbook. This revised booklet provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the Servicemembers Civil Relief Act (SCRA).

The Difference Between MLA & SCRA

In this Compliance Clip (video), Adam explains the different compliance requirements between MLA & SCRA and gives a general overview of each law. (Note: The ending on this is terrible as Adam never quite knows how to end his videos!)