On May 3, the Office of the Comptroller of the Currency (OCC) issued revised examination procedures for the Servicemembers Civil Relief Act of 2003 (SCRA). The SCRA provides certain financial protections to service members and, in some cases, their spouses, dependents and other persons subject to the obligation of service members. These financial protections include restrictions on interest rates, contract rescissions, foreclosures and exercise of certain insurance policy options. The SCRA also has implications on adverse actions such as reports by or to a consumer-reporting agency that relate to the creditworthiness of the service member. Recent amendments to the Housing and Economic Recovery Act of 2008 extended the time period for certain protections in the SCRA. In particular, the provision for an extended time period for protections affecting foreclosure, sale or seizure of real or personal property remains effective through December 31, 2012.
These revised procedures replace the SCRA procedures that were included in the "Other Consumer Protection Laws and Regulations" booklet of the Comptroller's Handbook.