OCC Lays Out SCRA Compliance Management System Expectations in New Wells Fargo Consent Order
Consumer Financial Services Law
OCTOBER 4, 2016
They say bad news comes in threes and Wells Fargo capped off September entering into its third Consent Order in roughly a month. This time, the Consent Order resolved issues with the bank’s compliance with the Servicemembers Civil Relief Act (“SCRA”). According to the OCC, the bank violated three separate provisions of the SCRA by failing to provide the 6% interest rate limit to servicemembers’ obligations or liabilities incurred before military service, failing to accurately disclose servicemem
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