Regulatory Alerts2011-08-15
Revised Examination Procedures for the Servicemembers Civil Relief Act
Federal banking regulators issued revised examination procedures to assess financial institutions' compliance with the Servicemembers Civil Relief Act. The guidelines require examiners to evaluate internal controls, training, and audit processes to ensure institutions adhere to SCRA mandates such as interest rate caps and lease termination rights. These procedures aim to identify violations and enforce corrective actions regarding protections for servicemembers and their dependents.
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