In re SCRA Settlement
- Practice Area(s): Fair & Responsible Banking, Mortgage Origination, Mortgage Servicing, Unfair, Deceptive & Abusive Acts and Practices
- Attorney(s): Sandler, Andrew L.; McGinn, Elizabeth E.; Leonhardt, Sasha
- Case Date(s): 2011
The Department of Justice alleged that two major national lenders failed to comply with SCRA lending requirements and guidelines, including confirming independently whether borrowers were on active duty before initiating nonjudicial foreclosures, and that the credit card unit of one of the companies failed to give a small number of borrowers the SCRA's interest rate cap protection. Multiple cases settled collectively, without admission of fault, for roughly $23 million. Negotiated settlement with the Department of Justice.