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ARTICLE · 30 JUNE 2015

Proposed New Legislation Would Extend CFPB Oversight Over SCRA

McGuireWoods LLP
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On June 11, 2015, Sen. Jack Reed [D-RI] introduced a bill amending the Consumer Financial Protection Act to extend CFPB oversight and protection to include key provisions of the Servicemembers Civil Relief Act.

United StatesConsumer Protection
Edward Rosenblatt
Edward Rosenblatt
Anita Foss
Anita Foss

On June 11, 2015, Sen. Jack Reed [D-RI] introduced a bill amending the Consumer Financial Protection Act to extend CFPB oversight and protection to include key provisions of the Servicemembers Civil Relief Act (SCRA).  The SCRA provides an array of protections to members of the military, including postponing civil obligations so that servicemembers can better fulfill their military obligations.  SCRA oversight is currently the responsibility of the Department of Justice and Office of the Comptroller of the Currency.  The proposed legislation would extend CFPB jurisdiction over specific SCRA provisions, including the following:

  • Provisions stating that a servicemember's exercise of certain SCRA rights cannot impact certain future financial transactions, except with respect to insurance. See 50 App. U.S.C.A. § 518.

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