SCRA
What does SCRA stand for?
Service members Civil Relief Act
What does FDCPA stand for?
Fair Debt Collection Practice Act
What is CPAY?
Courtesy Pay – Courtesy Pay is a service offered to members that covers ACH withdrawals, check clearings and bill payment transactions. There is $30 service fee.
What does FCRA stand for?
Fair Credit Reporting Act
What does UDAAP stand for?
Unfair, Deceptive, or Abusive acts or Practices
What does the CU need to assist SCRA Eligible members?
Copy of their military orders in writing
Provide an example of a limited content voicemail.
Hello, this is ______ from MSU Federal Credit Union. Please contact me or any of our representatives at 517-333-2424 x 2473. Thank you.
On what day does the CU charge off negative CPAY shares?
45th day – We will charge off the Friday before it is falls on a holiday or weekend
What is considered permissible purpose for the CU to pull credit?
New loan, new account, delinquency
Who does UDAAP protect?
Consumer
What is the reduced rate for eligible SCRA members?
6%
What are the CU’s calling limits?
7 Calls within 7 days or call within the time frame 8am-9pm
What funds are protected from being set off?
Social security, FBO, Disability, Child Support
Under the FCRA consumers have free access to what 1x a year?
Copy of their credit report
Provide an example of unfair or deceptive practices.
A lender keeping a lien on a home that is fully paid by consumer
A car dealership advertisement of $0 down payment leases and not disclosing associated fees
How long is the interest rate reduction in place for, for a mortgage after members military service has ended?
1 year after service has ended
Is the CU considered a 3rd party collector?
No, we are collecting on our own debt.
Would there be a CPAY fee if your transaction is within balance shield?
No
Consumer disputes must be handled within how many days?
30 days
Who enforces UDAAP?
CFPB – Consumer Financial Protection Bureau
Repossession can occur only during the duration of service if we have what?
A court order
What was the FDCPA designed to eliminate?
Deceptive and unfair debt collection practice.
How much coverage does a member have for Courtesy Pay?
Members can be eligible for amounts ranging from $50 to $1,000 tolerance.
Who enforces the FCRA?
FTC – Federal Trade Commission
CFPB – Consumer Financial Protection Bureau
UDAAP is also known as what other act?
Dodd-Frank Act