SBPC Partners with Military and Veteran Organizations to Demand Industry Leaders Uphold SCRA Protections for Military Consumers
The Student Borrower Protection Center, Student Veterans of America, Veterans for Education Success, and over a dozen additional organizations representing military consumers sent letters to 21 financial industry leaders reminding them of their obligations under the Servicemembers Civil Relief Act (SCRA). After the last financial crisis, many financial institutions failed to honor their obligations to millions of military members and their families under the SCRA. Now, in response to the ongoing coronavirus pandemic, tens of thousands of National Guard troops are being called upon to respond to the national emergency. This letter lays out immediate actions financial institutions can take to improve service to military consumers and ensure they are in compliance with the SCRA.
The letter is part of a broader effort by the SBPC to combat predatory practices and hold industry accountable for providing critical relief during this economic crisis.
The letters are available here: https://protectborrowers.org/wp-content/uploads/2020/04/SCRA-Compilation-of-Letters.pdf