The federal and state laws governing the special benefits and protections afforded to servicemembers have been amended in various ways over the past couple of years. In 2020, the U.S. Department of Defense revoked a portion of a prior interpretive rule under the Military Lending Act that created great controversy and reflected a position not subject to formal rulemaking with notice and comment. In 2018, Congress amended the Servicemembers Civil Relief Act to create an optional safe harbor identification method for the 6 percent interest rate reduction benefit. In 2018 and 2019, some states also enacted entirely new laws providing benefits and protections to various categories of servicemembers or implemented amendments to existing laws providing such benefits and protections.
Robert Savoie (Cleveland) and Sarah Edwards (New Orleans) co-authored an article on these updates and amendments in the ABA Business Law Section’s The Business Lawyer, Volume 76, Issue 2, Spring 2021.
January 31, 2022
In a case of first impression in Ohio, the Fairfield County Court of Common Pleas held that R.C. § 1343.031, Ohio’s version of the Servicemembers Civil Relief Act, does not apply to residential mortgages.
Member Robert Savoie (Cleveland) was quoted in a July 7 article in Auto Finance News detailing the risks auto lenders may encounter now that the CFPB plans to resume Military Lending Act (MLA) related examinations, which have been suspended since 2018.
Robert Savoie (Cleveland) authored two chapters on the Servicemembers Civil Relief Act and the Military Lending in the ABA Business Law Section's Consumer Finance Law: Understanding Consumer Financial Services Regulations.
As the COVID-19 virus pandemic evolves, certain more specific effects are becoming more likely. One of these may result in a significant increase in requests for relief, and the applicability of the obligations imposed, under the Servicemembers’ Civil Relief Act (SCRA). Financial services companies of all kinds must be prepared to handle these requestsand the impacts on their portfolios. read more.
January 20, 2020
Wow, 2019 has blown by, and we now turn our sights to 2020 — a new decade. Building on my 2019 Year in Review December column, let’s explore some possible topics on the compliance horizon for 2020. There has been speculation as to the year’s financial forecast, with mixed messages on what to expect fromMore
October 18, 2018
2018 Consumer Finance Legal Conference