ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

Senate Dems Introduce Bill Beefing Up SCRA

March 17, 2016
Reading Time: 1 min read

Sens. Patty Murray (D-Wash.), Dick Durbin (D-Ill.) and Bernie Sanders (D-Vt.) today introduced the SCRA Enhancement and Improvement Act of 2016, which expands the provisions of the Servicemembers Civil Relief Act.

Among other things, the bill lowers the interest rate cap for all loans to servicemembers from six percent to three percent (or zero percent for military personnel serving in combat areas), and applies the cap automatically to all debt, regardless of when it was incurred. In the event a service member dies in the line of duty, the bill provides for the forgiveness of all outstanding federal and private student loans.

Additionally, student loan servicers would also be required to have a designated representative to handle service member inquiries, and all lenders will be required to give sufficient notice when loans are transferred and ensure that loan benefits and protections transfer seamlessly. The bill also clarifies a private right of action under SCRA. Under the bill, entities violating SCRA protections would face double fines.

ADVERTISEMENT
Tags: Consumer lendingMilitary bankingStudent loans
ShareTweetPin

Author

Monica C. Meinert

Monica C. Meinert

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for executive communications at the American Bankers Association.

Related Posts

Office overseeing federal contractors offers opportunity to object to release of diversity data

EEOC opens collection of EEO-1 data; submission deadline June 24

Compliance and Risk
May 22, 2025

Survey requires private employers with 100 or more employees and federal contractors with 50 or more employees to submit data on employees’ gender, race and ethnicity annually to the EEOC.

Mortgage rates fall

Mortgage rates rise

Economy
May 22, 2025

The rate for a 30-year fixed-rate mortgage was 6.86% this week. The rate for a 15-year fixed-rate mortgage was 6.01%.

NAR: Pending home sales slipped in May

Existing home sales fall in April

Economy
May 22, 2025

Existing home sales slid 0.5% in April to a seasonally adjusted annual rate of 4 million, the National Association of Realtors reported. Sales dropped 2% from a year ago.

ABA unveils key policy priorities for 2025

Budget bill passed by House includes multiple banking industry priorities

Ag Banking
May 22, 2025

The House narrowly passed a reconciliation budget package with several tax provisions supported by ABA. The legislation next heads to the Senate.

ABA-advocated SAFE Banking Act introduced in House, Senate

House committee advances multiple banking-related bills

Newsbytes
May 22, 2025

The House Financial Services Committee advanced nine bills supported by ABA, covering issues ranging from bank merger applications to regulatory tailoring.

Banker op-ed: Durbin-Marshall credit card bill will hurt small businesses

ABA, state bankers associations: Keep credit card rate cap out of stablecoin bill

Newsbytes
May 22, 2025

A proposed amendment to add a credit card rate cap to an unrelated bill on stablecoin regulation would devastate credit access for millions of consumers and small businesses, the ABA and 52 state bankers associations said.

NEWSBYTES

EEOC opens collection of EEO-1 data; submission deadline June 24

May 22, 2025

Mortgage rates rise

May 22, 2025

Existing home sales fall in April

May 22, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.