Understanding SCRA and MLA Lookbacks
May 12, 2021
7 Steps to Simplify SCRA and MLA Lookbacks
The number of servicemember complaints from 2016 to 2020 has increased by 100%. –CFPB
SCRA and MLA lookbacks have been on the rise and the CFPB has been encouraging increased due diligence to ensure that appropriate regulatory benefits and protections are provided to servicemembers. In 2020 the CFPB received nearly 41,000 complaints from servicemembers, veterans and military families. We have pulled together the 7 steps that we’ve used with clients to make lookbacks efficient and effective.
You can avoid a lookback. Make sure your Compliance Management System has strong quality assurance and quality control routines. These routines will eliminate the risk of not adhering to SCRA and MLA regulatory requirements. You must be 100% confident in the effectiveness of your systems and controls. When caring for our servicemembers, the scale of sensitivity in providing the appropriate regulatory benefits and protections grows exponentially.
As a financial institution, how do you manage a lookback?
If a lookback is unavoidable, start by understanding all the elements that comprise the effort. Download our 7 steps to see what a lookback entails and the best practices for efficiently conducting either an SCRA or MLA lookback.