Updates to the Servicemembers Civil Relief Act (SCRA) section of the Consumer Compliance Examination Manual (CEM) of the federal bank deposit insurer were released Tuesday, the agency said in an announcement.
The Federal Deposit Insurance Corp. (FDIC) said the manual’s SCRA module was updated to reflect that the one-year time frame after active duty to which various protections apply has been made permanent. The annual rental threshold adjustment for 2020 was also included in the update.
As originally enacted, the SCRA required that evictions involving residences with monthly rents of $2,400 or less needed a court order. That rent threshold is adjusted annually for inflation and in 2020 was adjusted to $3,991.90.
The CEM provides supervisory information to FDIC examination staff that conduct consumer compliance examinations, Community Reinvestment Act (CRA) performance evaluations, and other supervisory activities. It includes supervisory policies and examination procedures for evaluating financial institutions’ compliance with federal consumer protection laws and regulations.