With foreclosures rising, reports surfaced of instances in which financial institutions failed to comply with SCRA. the GAO examined the (1) eligibility for SCRA protections and extent of SCRA mortgage-related violations by depository institutions, (2) SCRA compliance oversight by prudential regulators and other federal agencies, and (3) the military services’ efforts to educate servicemembers on SCRA. The GAO collected data on populations eligible for SCRA from DOD and SCRA violations from banking and law enforcement agencies and reviewed a stratified random sample of prudential regulators’
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
The Office of Investor Education and Advocacy provided information for investors about non-traded REITs. In the bulletin, a real estate investment trust ("REIT") is defined as a company that owns and typically operates income-producing real estate or real estate-related assets. Most REITs specialize in a single type of real estate, such as apartment communities. The bulletin includes a list of risks to consider before investing in REITs, such as a lack of liquidity and high fees. It also includes a comparison chart of REIT types.
The North American Securities Administrators Association requested comments on proposed amendments to the NASAA Statement on Policy Regarding Real Estate Investment Trusts.
The Consumer Financial Protection Bureau will evaluate the Ability to Repay / Qualified Mortgage ("ATR/QM") Rule, which is part of the "Truth in Lending Act" (Regulation Z).