For Financial Institutions
The Servicemembers Civil Relief Act (SCRA) helps military personnel focus their time and attention on duty by easing financial burdens during their military service. To comply with SCRA, financial institutions, telecommunication companies, and debt collection agencies need to identify SCRA-protected individuals in order to appropriately adjust interest rates and adequately handle other protections. Failure to comply with SCRA can cost financial institutions hundreds of millions of damages in fines and relief payments.
Learn how ID.me’s automated SCRA monitoring can help to ensure compliance for loans and debt collection, while helping to minimize costs and regulatory burdens for your financial institution.
