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.
The NCUA, FRB, CFPB and others jointly issued guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
The Act mandates that a foreclosure proceeding against certain military personnel is not valid unless the creditor has obtained a court order approving it and further states that the courts may stop the proceedings for a time or adjust the debt.