Marlin Stutzman: “I thank the gentleman from New Jersey for yielding. I also want to thank Ranking Member Mr. Filner and Mr. Braley for…”

“I thank the gentleman from New Jersey for yielding. I also want to thank Ranking Member Mr. Filner and Mr. Braley for helping us move this important piece of legislation to improve the Servicemembers Civil Relief Act, or SCRA. Earlier this year, allegations surfaced of mortgage-related violations of the SCRA by JPMorgan Chase Bank and other lending institutions. These allegations alleged that these institutions were unlawfully foreclosing on servicemembers' homes and charging interest rates above the 6 percent cap required by SCRA. {time} 1950 On February 9, 2011, the full committee held an oversight hearing to review these allegations and received testimony from Captain Jonathon Rowles, United States Marine Corps, and Mrs. Julia Rowles about the trouble that they had with JPMorgan Chase when they tried to assert their rights under SCRA. They commented that when they called the toll- free number provided by the bank, their employees were woefully inadequate in their knowledge of SCRA and there didn't seem to be anyone in charge to ensure that the bank was complying with the rules. In response to this hearing and the committee's continued oversight of SCRA abuses, section 2 of this bill clarifies requirements for banks to comply with SCRA provisions related to foreclosures and maximum interest rates. The section requires all lending institutions affected by SCRA to employ and/or designate an SCRA compliance officer.…”