United States military members and their families are protected by the
Servicemembers Civil Relief Act (SCRA) so that they can concentrate on
their job of defending the nation and not worry about their personal financial
matters while in active duty. Bridgeforce has worked with organizations
to ensure regulatory compliance for SCRA while also providing customer
service consulting to help further improve SCRA programs within various
Ensuring Compliance and Best Practices
Compliance programs for SCRA must be robust and carefully designed to ensure
strict adherence to the regulation. Programs should include controls from
the three lines of defense. Examples of where controls should target include:
- Notification, activation, monitoring and removal of SCRA benefits.
- Searching the Defense Manpower Data Center (DMDC) at key protection points.
However, SCRA compliance is not just about regulatory compliance –
but it is also about customer servicing. Several best practices should
be in place to provide the important customer service components while
helping to meet the regulatory requirements:
- Consistency of relief
- Single request for relief
- Centralized SCRA handling
- Strict vendor oversight
- Checking before submitting debt sales files
- Complaint monitoring
Bridgeforce Enterprise “White Glove” Model
The concept of the enterprise “white glove” SCRA model provides
a concierge-like, end-to-end experience for Servicemembers and their families.
This model helps facilitate an exceptional customer experience and can
include additional benefits and treatments that are not regulatory requirements.
Multiple components comprise this model, from process and procedures to
monitoring to technological capabilities that support the program. The
most critical element is having a centralized SCRA handling group serving
as advocates across all product channels.
Other elements of the “white glove” model include:
- Interest rate offers
- Exceptions for those in combat zones
- Relief without orders
- Communication flexibility (email, chat, text)
- Simplified consumer processes
- Centralized repository for all SCRA accounts
- DMDC scrub capabilities
- Consumer education (landing pages and shared information)
- Standardized relief calculators
- Robust control and exception reporting
With the continuing changes, stipulations and actions being taken related
to this important regulation, institutions cannot afford to become complacent
in their oversight of SCRA processes. Organizations should be open to
changing existing processes and be agile in incorporating emerging industry
best practices, as regulators will increasingly be looking for these to
be in place.
Download the full Bridgeforce white paper for details on best practices and considerations on how to incorporate
the proven components of the “white glove” model into your business.