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Capital One will pay $12 Million to Servicemembers due to Violations of the Servicemembers Civil Relief Act

Last week it was announced that Capital One will pay approximately $12 million in a settlement with the Justice Department over violations of the Servicemembers Civil Relief Act (SCRA). (For more information about the Servicemembers Civil Relief Act see my previous blog on the topic at http://thekehllawfirm.com/protection-for-military-from-creditors-servicemembers-civil-relief-act/) Among the alleged violations were wrongful foreclosures, improper repossession of vehicles, wrongful court judgments, and improper denials of the six percent interest rate that the SCRA guarantees service members on some credit cards and car loans. (see http://www.businessweek.com/news/2012-07-26/capital-one-to-pay-12-million-over-military-lending-claims?utm_source=Consider+Chapter+13&utm_campaign=44ea02d871-Monday_Update_0716127_15_2012&utm_medium=email). Approximately $7 million of the approximately $12 million on damages will go towards wrongful foreclosure violations with the remaining $5 million going into a fund to compensate servicemembers who did not receive the appropriate amount of SCRA benefits on their credit card accounts, motor vehicle finance loans, and consumer loans. The Justice Department acknowledged that Capital One participated fully in the investigation and settlement. Capital One is just one of the company that the Justice Department is investigating for potential violations of the Servicemembers Civil Relief Act. Bank of America and the Justice Department reached a $20 million settlement last year. JPMorgan Chase, Citigroup, and Wells Fargo are currently under investigation. Are you struggling to pay your bills? Come explore your options with experienced staff. Call 254-633-2876 or email me at info@thekehllawfirm.com today for a FREE, no-obligation consultation. Let my family help yours. Photo Credit:  316th ESC

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