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Miller Responds to J.P. Morgan Chase’s New Program for Veterans and Servicememers

Feb 15, 2011 Issues: Veterans

WASHINGTON, DC– Today, the Chairman of the House Committee on Veterans’ Affairs Jeff Miller (FL-01) made the following statement in response to the announcement by J.P. Morgan Chase Bank of its new program for servicemembers and veterans, following the company’s testimony before the Committee in a February 9th hearing:  

“I am encouraged that J.P. Morgan Chase has taken action to implement programs and policies that will help servicemembers, veterans, and their families.  Their proactive steps in the wake of their recent violations of the Servicemembers Civil Relief Act (SCRA) show they now understand the importance of this law and the servicemembers it protects.” 

“I especially want to note their effort to reduce the cap on SCRA mortgage-related interest from the 6% required under SCRA to a lower cap of 4%. By reducing the rate, J.P. Morgan Chase will ease the financial burden on these servicemembers and their families at a time when it is most needed.”

“J.P. Morgan Chase has a long way to go to restore its credibility with America’s warriors.  While the protections and programs outlined in the company’s plan are laudable, the committee will continue the examination we began in our February 9th hearing, and will closely monitor how J.P. Morgan Chase makes whole the 4,500 servicemembers who were adversely affected by their violations of SCRA.”