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Financial Services Law Insights and Observations

CFPB releases resources for servicemembers affected by Covid-19

Federal Issues Servicemembers Consumer Finance CFPB Covid-19 SCRA Military Lending Act

Federal Issues

On April 15, the CFPB issued a blog post providing resources for servicemembers, veterans, and military families impacted by the Covid-19 pandemic. The Bureau discusses military aid societies where servicemembers and military families can apply for emergency grants and zero-interest loans, and hardship duty pay and other allowances afforded to military families affected by the Stop Movement Order that halted domestic travel by military personnel. The Bureau also provides information for managing mortgage payments and student loans, and reminds active-duty servicemembers, military spouses and National Guard personnel and reservists on active duty for more than 30 consecutive days of their rights under the Servicemembers Civil Relief Act and the Military Lending Act. These will include being able to terminate contracts under certain conditions and to receive protections for many types of consumer credit and loans. The blog post also highlights recent changes made to existing programs due to challenges presented by Covid-19, including the expansion of online access for veterans to file benefit claims and the continuation of GI Bill program funding.

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