Compliance Blog explores DOJ, Nissan MAC settlement
Following the Department of Justice's (DOJ) announcement of a $3 million settlement with Nissan Motor Acceptance Corporation for alleged violations of the Servicemembers Civil Relief Act (SCRA), NAFCU's Brandy Bruyere reviews the settlement and answers questions on the SCRA specifically related to vehicle repossession in a new post on the Compliance Blog.
"The SCRA was enacted to lighten financial burdens on servicemembers and provide temporary protections against the enforcement of certain civil liabilities while that servicemember is on active duty," writes Bruyere, NAFCU's vice president of regulatory compliance.
Bruyere explains that under the SCRA, credit unions are required to obtain a court order to repossess the vehicle of an SCRA-covered borrower if the borrower made a deposit or payment before entering military service.
"Unlike the 6% interest rate cap, servicemembers are not required to provide notice or actively seek out protection from repossession in writing," she adds. "Rather, it is the credit union's responsibility to know the borrower's status prior to repossessing a car."
Bruyere notes that in cases where the DOJ has found SCRA violations, remedies were sought in the form of:
- civil money penalties;
- monetary restitution for impacted borrowers in some cases;
- training or retraining of staff; and
- updates of corrections to policies and procedures to prevent future violations.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCRM, CPE
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