Lender Compliance Technologies (LCT), which provides compliance software for voluntary protection product cancellations and refunds, led a special roundtable at this year’s conference of the National Credit Union Collections Alliance (NCUCA) on April 13 in Las Vegas, according to a press release.
LCT and other industry experts shared valuable information with attending credit unions about staying compliant and safeguarding their reputation.
“We’re grateful for the opportunity to join other industry experts to help credit unions navigate the current environment and introduce them to best practices for GAP cancellations and refunds. It’s a solutioning session for lenders to learn about the different approaches they can pursue to stay compliant,” Tyler Gray, LCT head of sales, said in the release.
Current laws regulating GAP cancellations and refunds can vary by state and often differ from federal regulations, leaving lenders without a clear path to compliance. As a result, lenders can suffer not only fines and remediation measures, but also reputational harm from bad practices or the lack of transparency in their processes.
The roundtable brought clarity to the issues lenders face as well as real solutions.
“With increased scrutiny around the administration of GAP cancellations and refunds for auto lenders, the NCUCA Board is excited to offer its credit union attendees a roundtable session on this topic,” NCUCA Board Member Jade Oesterle said.
For more information on the conference and a list of all the experts that took part of the GAP cancellations and refunds roundtable, go to www.ncua.com