Servicemembers Civil Relief Act (SCRA) for Compliance Professionals
Course Number: SCRA1
Course Code: ABA 322
Explains the rights and obligations afforded to our servicemembers and their dependents and the responsibilities of financial institutions to comply with SCRA and related acts in order to protect servicemembers from certain disadvantages while they are serving the country.
After completing this course, students will be able to:
Describe the major provisions of SCRA, its subsequent amendments, the Housing and Economic Recovery Act of 2008 and Veterans’ Benefit Act of 2010, and cite those that govern financial services, including the following provisions:
-Limits on foreclosure and eviction
-Interest rate caps on loans
-Prohibitions on credit reporting
-Termination of leases and installment contracts
-Define those military personnel covered by SCRA and the documentation required
-Describe the regulations and guidance governing mortgage servicing, modification and foreclosure
-Explain the modification requirements for existing balances on credit cards and installment loans
Audience: Compliance professionals including compliance managers, officers, and other compliance team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, auditors and lending compliance professionals.