OCC Extends Rate Reduction Rule, Protects Soldiers’ SCRA Rights
November 3, 2008
The Office of the Comptroller of the Currency has announced statutory revisions to the Servicemembers Civil Relief Act’s provisions for interest rate adjustments on certain debts and for temporary suspension of legal proceedings that may adversely affect service members’ rights during their military service. The SCRA requires lenders to forgive, not merely defer, interest in excess...