California’s Servicemember Protections Expanded for Student LoansWith the start of the new year, California has expanded protections for military servicemembers with student loans.

Student loans incurred by a protected servicember before entry into service have an interest rate cap of 6 percent during the period of service plus one year thereafter. Additionally, student borrowers can obtain a deferment on their payment

Military Consumer Enforcement Act Introduced in Senate Seeks to Enhance SCRA EnforcementSeveral U.S. Senators have introduced legislation for a Military Consumer Enforcement Act that would seek to empower the Consumer Financial Protection Bureau (CFPB) to oversee and enforce compliance with the Servicemember Civil Relief Act (SCRA). If passed and signed into law, the new act would amend the Consumer Financial Protection Act of 2010.

The SCRA,

CFPB Turns Focus to Student Loans to ServicemembersThe Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans. Driven by the receipt of over 1,300 complaints from servicemembers regarding the collection and servicing of their student loans, the CFPB’s report (Overseas & Underserved: Student Loan Servicing and the Cost

row feetThe Servicemembers’ Civil Relief Act (SCRA) was created to help relieve or suspend the financial burdens placed upon those serving in the U.S. military. One of the key protections afforded by the SCRA is a temporary stay of proceedings to enforce certain mortgage debts or other secured debts. In order to qualify for this protection,

The Servicemembers’ Civil Relief Act (SCRA) gives certain protections to military borrowers. The most well-known amongst the lending industry are, in very simple terms, the requirement for a military affidavit when seeking a default judgment, reducing the interest rate to 6 percent for pre-services loans, and the protection from foreclosure for a pre-service loan without