OCC Takes Actions Against Capital One to Assure Servicemembers' Receive Credit Protections for Their Mortgages and Other Loans

The OCC announced enforcement actions against Capital One, N.A., and Capital One Bank (USA), N.A., for violations and compliance deficiencies related to the Servicemembers Civil Relief Act (SCRA). The enforcement actions require the banks to improve their policies and procedures for determining whether servicemembers who request certain benefits provided by the SCRA are eligible for such benefits, and require the banks to ensure the retention of accurate and complete records that document the basis for decisions regarding servicemembers' eligibility for SCRA benefits or protections. This action by the OCC is separate from, but coordinated with, actions by the Department of Justice.

View OCC release in full here (links externally to OCC website). Click here for the consent order against Capital One, N.A. Click here for the consent order against Capital One Bank (USA), N.A.