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Tuesday, August 19, 2014

OCC Increasing Focus on SCRA Compliance

The OCC is increasing its focus on Servicemembers Civil Relief Act compliance and now requires examiners to evaluate SCRA compliance during every exam cycle, OCC Deputy Comptroller for Compliance Policy Grovetta Gardineer told a trade group for military banks yesterday. Gardineer said:

While not mandated by law, this closer scrutiny is necessary because we believe that the cost of compliance failures in this area, both for the bank and our servicemembers, are too great not to be evaluated every time we go into an institution.

Gardineer also encouraged banks that serve the military to develop new products to meet the needs of servicemembers and their families — based, for example, on the FDIC’s Military Small-Dollar Loan Template, which she said “can serve as the basis for innovative products that lead to profitable, long-term customer relationships and may receive positive consideration during Community Reinvestment Act examinations.”

Read the speech.

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