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Technology Corner

Technology partnership announced

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Technology Corner
Monday, April 29, 2024

Lender Compliance Technologies, a compliance solutions firm for managing finance and insurance (F&I) product refunds, recently announced a new partnership with AKUVO, a technology organization that specializes in collections and credit risk, according to a press release.

In recent years, federal and state regulators have increased their scrutiny of the administration of these products. Specifically, regulators want to ensure borrowers are refunded when F&I products are canceled due to repossessions, early payoffs and total losses.

Managing the refund process, the release said, has historically been a manual process, which can be inefficient and sometimes inaccurate. LCT’s Refund Control solution digitally monitors and tracks the refund process, as required by consumer protection laws.

“Lenders need a solution that helps them stay compliant and operationally effective. With LCT, lenders get the best of both worlds,” Tyler Gray, LCT head of sales, said in the release. “We’ve created a solution that provides the transparency and tracking that regulators expect, and we’re thrilled more lenders can access it through the AKUVO platform.”

Earlier this year, the NCUA (National Credit Union Administration) published a letter regarding its 2024 Supervisory Priorities, which included examination of credit union processes and controls for GAP (Guaranteed Asset Protection) cancellations and refunds.

Specifically, the NCUA will be reviewing how credit unions are refunding members in a timely, accurate and uniform manner. Credit unions will also need to be prepared for state level examinations related to GAP and all other Voluntary Protection Product cancellations.

“We’re thrilled to add value to the AKUVO platform with LCT’s regulatory solution,” AKUVO Relationships Senior Vice President Mike Ruggiero said. “With this integration, requesting cancellations and refunds will become a seamless part of our customers’ collection process.”

 

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