Servicemembers Civil Relief Act
A NorthLegal Webinar presented August 16, 2012
Duration: Approximately 2:00 hrs:min, including Q&A
Cost/Registration | Regions Affected | Co-Hosts | How to Attend a Webinar
After enrolling, click here to obtain the handout materials in PDF. Then contact NorthLegal (623.537.7150) to obtain the password you will need to open those materials.
This year has been big for Servicemembers Civil Relief Act enforcement — and the next year promises to be bigger!
In February 2012, the Justice Department announced a $25 billion settlement with five of the biggest mortgage lenders for various violations of the SCRA, including failure to reduce interest rates and foreclosure while the servicemember is protected by the SCRA. That settlement does not prohibit individual borrowers from suing for damages too!
In April, a class action lawsuit was brought against HSBC Mortgage Services for, among other things, falsely filing declarations in foreclosure proceedings stating the borrower was not in active military service.
In July, Capital One agreed to pay more than $12 million to settle a Justice Department action alleging a failure to reduce interest rates and wrongful foreclosure on properties, repossession of automobiles and obtaining of court judgments in violation of the SCRA.
And things are about to heat up. On July 17 the Government Accountability Office issued a call to federal financial regulators to step up enforcement of the SCRA through much more detailed examinations, and most regulators have agreed they will comply.
How prepared is your financial institution?
The Servicemembers Civil Relief Act is about much more than lowering interest rates, and it does not (contrary to popular opinion) only kick in when you are told a borrower has been called to active service. In fact, portions of it apply even after active service has ended and even to loans obtained while the borrower was already on active service. In light of the hot litigation environment and enhanced scrutiny by regulators, it is absolutely necessary that every lender and collector be sure he or she understands this important law.
During this 90-120 minute Internet training program, attorney Eric North will provide the information you need to make sure your institution understands and is in full compliance with the SCRA. Eric and participants will discuss—
NOTE: This program is intended for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
The fee to attend this archived program is $145.00 if paid by credit card or $155.00 if paid by check. For that fee, you or someone from your financial institution may view this program as often as you like for a period of 30 days.
This program will cover general laws and concepts applicable in most or all states, as well as federal law applicable around the country.
Although financial institutions from any state may attend this program, this program is jointly hosted by NorthLegal Training and Publications and by credit union and other consumer lending institution leagues and associations serving:
by the following local or regional associations:
and by the law firm of
Moore Brewer Wolfe Jones Tyler & North
Participants do not have to be members of any of those leagues or associations in order to attend.
How to Attend a Webinar
To attend this NorthLegal Webinar, please do the following:
|•||Register. To register online using a credit card, visit the "Enroll Now" link shown above. To register by mail, call NorthLegal at 623.537.7150.|
|•||Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program.|
|•||Download the handout materials by clicking the "Handout" link shown above.|
|•||Call NorthLegal to obtain the password to open the handout materials.|