FSR APPLAUDS CONGRESSIONAL ACTION TO EXTEND FORECLOSURE PROTECTION FOR MILITARY SERVICE MEMBERS

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FOR IMMEDIATE RELEASE
March 21, 2016

Contact: Adam Rice
202-589-2410 | @fsroundtable
Adam.Rice@FSRoundtable.org

Contact: Alison Hawkins
202-589-2427 | @fsroundtable
Alison.Hawkins@FSRoundtable.org

FSR APPLAUDS CONGRESSIONAL ACTION TO EXTEND FORECLOSURE PROTECTION FOR MILITARY SERVICE MEMBERS

Washington, DC – The Financial Services Roundtable (FSR) and its Housing Policy Council (HPC) today applauded the House of Representatives for passing S. 2393, which extends the one-year protection from foreclosure in the Servicemembers Civil Relief Act (SCRA) through 2017. The Senate passed S. 2393 in 2015.

“Extending the one-year protection from foreclosure for another two-years allows service members and military families sufficient time to get on their feet financially and to avoid the stress of potentially losing their home as they manage their finances in a post-active military life,” said John Dalton, President of the Housing Policy Council. “I want to thank Senators Isakson, Blumenthal and Whitehouse, along with Chairman Jeff Miller and House Leadership for taking action on this important issue for our men and women in uniform.”

The Servicemembers Civil Relief Act (SCRA) is intended to help those men and women who have answered their nation’s call by providing certain financial protections, including foreclosure protection, to members of the military that have incurred debt prior to their active service.

Today, FSR and its HPC sent a letter to Speaker Ryan and Minority Leader Pelosi strongly supporting House passage of S. 2393. Earlier this month, FSR was joined by eight other financial services trade associations in encouraging Congress to pass an extension of the one-year foreclosure protection as soon as possible.

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.

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