The OCC issued an updated version of the Servicemembers Civil Relief Act booklet of the Comptroller’s Handbook, which provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the SCRA.
Details: The OCC said the updated booklet:
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Applies the OCC’s risk-based supervision approach to assessing compliance with the SCRA.
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Eliminates the prior OCC policy requirement to conduct an SCRA examination that included transaction testing at least once every three supervisory cycles.
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Clarifies language on servicemember verification and distribution of excess payments.
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Removes references to reputation risk.