Written By JiJi Bahhur, Regulatory Compliance Counsel
It’s Friday – and I don’t know about you all – but I think we’ve had enough complicated compliance issues to deal with over the past few weeks. Consider it a belated Valentines gift from me to you – I’m keeping it short and sweet today!
HUD has updated the Service Members Civil Relief Act (SCRA) Notice (form HUD-92070), the form that provides notice of the legal rights and protections under the SCRA. The update is effective through December 31, 2014, and stems from the amendment to Section 533(b) of the SCRA which changes the timeframe for foreclosure protection from “9 months” to “one year.”
These changes were effective as of February 2, 2013. If you're looking for a copy of the form with the updates already made, you can find it on bankersonline. If HUD gets around to updating the form on its website, we'll provide that link at a later time.
NAFCU Members - Be sure to catch the Beltway Buzz! Sign-up for our new monthly e-newsletter and get a fun look at the latest developments in CU legislation. Written by NAFCU’s Vice President of Legislative Affairs Brad Thaler, you’ll get an inside look at what’s happening in Washington, but with humor and insight not typically delivered in other industry news publications (except of course, this blog!). Click here to sign up.
Have a great weekend everyone!