In case you missed it, President Trump has signed an extension of the Servicemembers Civil Relief Act (SCRA) foreclosure protection law through December 31 of 2019. The current protections were set to expire at the end of 2017, and although we assumed this law would be extended, you never quite know until it happens.
The big news for credit unions is that servicemembers will continue to receive foreclosure protection for a period of one-year, as opposed to the 90-day term specified in the original SCRA. But, it’s also a good reminder to review your SCRA or Lending policies to ensure that they remain accurate. And, to make certain that your collections department or legal counsel are aware of the extension. Since the rule is unchanged, procedures are unlikely to need a revision.
If I don’t talk to each of you beforehand, I hope you have a very Happy Holidays. Thanks for tuning into the blog all year. I’ll be back in 2018 with more thoughts and guidance on all things compliance.