Akeela White Provides 8 Consumer Protection Tips for Financial Service Companies
Hinshaw partner Akeela White authored a Law360 Expert Analysis byline which outlines eight best practices for companies that provide financial services to service members to mitigate the risk of non-compliance with the Servicemembers Civil Relief Act (SCRA).
White describes how failure to comply with the SCRA can have "devastating" effects on a company's reputation, and how regulators have recently targeted specific financial services companies to spotlight the importance of compliance. She recommends that companies review regulatory exam manuals since they "provide a good road map for creating a solid SCRA compliance management system." She also recommends evaluating all financial products offered to service members; building systems that identify service members eligible for SCRA protections; and ensuring that if a company provides protections beyond federal requirements, those protections are applied fairly.
She also emphasizes the importance of addressing SCRA-related complaints in a timely manner and facilitating internal auditing of SCRA operations. "…[T]he compliance burden is on the company. Therefore, a holistic SCRA compliance management system is crucial for keeping the company out of hot water."
Read the full article (subscription required)
"8 Military Consumer Protection Tips For Finance Cos." was published by Law360 on September 16, 2022