Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
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How confident are you that your financial institution understand the compliance requirements for servicemembers?
While military individuals are not currently considered a protected class under Fair Lending laws, lawmakers and regulators have continued to show concern to protect our military families in relationship to lending. This means that lenders must understand the rules that apply to them as non-compliance can result in significant fines and penalties. For financial institutions, there are two main rules to understand when it comes to servicemember compliance requirements.
The first rule that provides protections for military individuals is the Servicemembers Civil Relief Act (SCRA). The SCRA provides protections to service members and their dependents on existing debts when the service member goes on active duty. The SCRA provides an interest rate cap (which includes late fees and other transaction fees) and certain disclosures are triggered when an applicable servicemember is 45 days delinquent.
The second service member rule that applies to financial institutions is the Military Lending Act (MLA). MLA protections apply to most loans except loans secured by real estate and purchase-money loans, including loans to finance the purchase of a vehicle. The MLA provides for a maximum interested rate -which is a unique “Military Annual Percentage Rate” which includes things like the interest rate as well as a variety of other fees.
Our SCRA/MLA class is designed to provide attendees with an overview of the compliance requirements for lending to servicemembers. The program starts out with an introduction to servicemember compliance requirements and then includes sections on both SCRA & MLA.
Specifically, this program will answer the following questions:
When does MLA apply and when does SCRA apply?
Who is protected under each rule?
What protections apply to servicemembers?
How do safe deposit boxes apply to servicemember protections?
How do you identify a covered borrower under MLA?
Is it okay to use the same database for your MLA and SCRA searches?
What disclosure/notice requirements are needed for servicemembers?
Is it possible to just defer interest that would otherwise be forgiven under SCRA?
This program - which includes a comprehensive, 36-page training manual that can be used as a reference long after attending the program - will most likely leave you with a to-do list of items to follow-up on so that you can work to reduce SCRA & MLA risk in your organization.
While we present this program in a way that those new to servicemember compliance can easily follow along, seasoned lenders and experienced compliance professionals would also benefit from this class. Specifically, this program would be beneficial for compliance officers and compliance analysts, auditors, loan managers, loan officers, loan processors, risk managers, corporate trainers, mortgage company lenders, and those responsible SCRA or MLA compliance.
Regular: $299
Multiple attendee discounts are available upon request. Email us or contact us here.
NOTE: If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can work something out.
Adam Witmer is Founder and CEO of Compliance Cohort, LLC where he writes articles and teaches on all compliance topics. Having taught hundreds of times to thousands of bankers throughout the country, Adam takes a three part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. Adam has found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic. A Certified Regulatory Compliance Manager (CRCM) through the American Bankers Association, Adam earned his bachelor's degree at Taylor University and his MBA at Indiana Tech. He currently resides in Northern Indiana with his wife and three children - and their dog, Queso.
The class is presented in 3 different videos and provides you with everything you need to know about compliance requirements for the SCRA and MLA. The total time of video instruction in this program is about 1 hour and 15 minutes.
This class includes a comprehensive training manual which can be used as a reference tool long after attending the program.
Introduction to Servicemember Compliance Requirements
Introduction to the program
Introduction to SCRA & MLA
Understanding the risks
SCRA requirements
Intro to SCRA
Definitions
Protections under SCRA
Interest rate cap
Default judgements
Non-judicial foreclosures
Installment contracts and reposessions
Lease termination
Enforcement of storage liens
Life insurance assigned as security
Waiver of SCRA protections
HUD SCRA Notice
SCRA record retention
MLA requirements
Introduction
Definitions
MLA Applicability
MAPR Calculation (overview only)
Identification of covered borrowers
Mandatory loan disclosures
MLA limitations
This Compliance Class provides you with a deep dive into the fair lending requirements for financial institutions.
The class includes the following:
A comprehensive manual
A “virtual classroom” instructional video
60-day access to the class
Certificate of completion (1 per registration - available upon request)
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
Certificates of completion are now available upon request. One certificate is available per registration.
When you purchase this compliance class, you get instant access to the online version of this class for 60 days. You will also receive an electronic version of the accompanying manual to keep.
We believe in our training products so much that we are offering a 100% money back guarantee within the first 10 business days after purchase. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
