The Servicemembers Civil Relief Act and the Military Lending Act: Enforcement Lessons, Common Pitfalls and Emerging Issues | NAFCU

Webinar | February.04.2021 | 2pm - 3pm (Eastern Standard Time)

Sasha Leonhardt discussed regulatory and enforcement trends arising from the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA), the two primary laws specifically aimed at protecting servicemembers' financial health. Under both laws there has been a continued pattern of enforcement actions and private litigation, and under the MLA, 2020 particularly witnessed an increase in enforcement actions and litigation testing the bounds of the Department of Defense's revised MLA rule. Because these laws can involve significant monetary penalties and substantial reputational exposure for lenders, this is an area where every credit union should understand the law. Leonhardt discussed SCRA's and MLA's requirements, as well as an awareness of key areas where credit unions can strengthen protections for servicemembers.