As we mentioned in our May Newsletter, we have developed a sample Servicemember’s Civil Relief Act Policy. We have also included, with the policy, sample SCRA procedures. The sample Policy is a simple, one-page statement of the bank’s overall policy for complying with the SCRA in general. The sample procedures are a template of the major provisions afforded to servicemembers under the Act and can be expanded to fit your financial institution’s specific needs.
Although there is no requirement to have a written, Board approved SCRA Policy; we believe it is prudent, given the current regulatory focus on military lending.
The SCRA Policy & Procedures are available now on the “free downloads” page of our website.