The OCC announced it has taken action against Capital One, N.A., and Capital One (USA), N.A., for compliance deficiencies relating to the SCRA. In addition to correcting the deficiencies, the banks have to hire an outside auditing firm to do a 6-year look-back at foreclosures and repossessions, default judgments, and loans and credit card accounts for which servicemembers requested SCRA relief.

[Note: The OCC pulled its news release (linked above) sometime this morning, but reposted it this afternoon.

They have surely been making the news lately...and not in a good way for sure! You would think as big as they are, they would do a better job than this!

I'm guessing that the OCC and DOJ will have a joint press conference,news release and hopefully the actual consent order so we'll have more details later today?

The OCC announcement may still be available on 4close.com

I think a lot of banks of all sizes would come up short on this topic, particularly in the servicing end of loans.

I think before they start citing everyone under SCRA, some guidance or Official Staff Commentary would be nice.

Note from JBurnett: The announcement is back online at the link in the first post, and it includes links to PDFs of the two consent orders.

$12 million, more or less, to settle the lawsuit by Justice. Includes about $7 million in damages to service members, plus a $5 million fund for other SCRA damages to service members.

It's been a pretty bad week for Capital One.

Looks like they deserved it.