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ARTICLE · 28 JULY 2022

CFPB Zeros In On Servicemembers Civil Relief Act

McGlinchey Stafford
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Continuing a recent trend of highlighting potential unfair and deceptive acts or practices (UDAAP) within the auto loan servicing industry, the Consumer Financial Protection Bureau (CFPB) recently issued a new blog post focusing on the Servicemembers Civil Relief Act (SCRA).

United StatesFinance and Banking
James W. Sandy
James W. Sandy

Continuing a recent trend of highlighting potential unfair and deceptive acts or practices (UDAAP) within the auto loan servicing industry, the Consumer Financial Protection Bureau (CFPB) recently issued a new blog post focusing on the Servicemembers Civil Relief Act (SCRA). Auto loan servicers and dealerships may want to review their SCRA policies and procedures to ensure they comply with the law and provide the requisite protection for active military members prior to repossessing collateral.

Servicemembers and auto loans

The CFPB's research has found that servicemembers tend to carry more auto loan debt than their civilian counterparts. In fact, by age 24, nearly 20% of young servicemembers have at least $20,000 in auto loan debt, which amounts to nearly two-thirds of a young servicemember's annual salary. In comparison, only 7% of civilians in the same age range have comparable debt while 71% have no auto loan debt. Not only do young servicemembers

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