Do we stop collecting payments on loans for a service member who is now on active duty?
What does compliance with the Servicemember’s Civil Relief Act mean to credit unions in terms of how they apply the mandated rate reductions to loans?
President Obama signed the Honoring America’s Veterans and Caring for Camp Lejeune Families Act (H.R. 1627) into law on Aug. 6, 2012, extending Servicemembers Civil Relief Act protections for servicemembers.
Following a study by the GAO into the regulatory oversight of compliance with the Servicemembers Civil Relief Act, credit unions should evaluate their related policies and procedures in anticipation of increased SCRA focus in upcoming examinations.