Lender Compliance Technologies, an emerging leader in compliance solutions for managing finance and insurance (F&I) product refunds, is proud to announce a new partnership with AKUVO, a technology organization that specializes in collections and credit risk.
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 cancelled due to repossessions, early payoffs and total losses. Managing the refund process 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,” explained Tyler Gray, LCT Head of Sales. “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 published a letter regarding its 2024 Supervisory Priorities, which included examination of credit union processes and controls for GAP 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,” said Mike Ruggiero, AKUVO’s SVP of Relationships. “With this integration, requesting cancellations and refunds will become a seamless part of our customers’ collection process.”
About LCT
Lender Compliance Technologies (LCT) is seeking a new standard in compliance solutions for auto, RV, marine and powersports lenders. It brings together extensive industry experience in lending, recoveries, compliance, and SaaS development to create a compliance-driven technology solutions company. Its product, Refund Control™, helps lenders take control of the cancellation and refund process of Voluntary Protection Products (VPP) to stay compliant with state and federal law. To learn more, visit www.LCT1.com.
About AKUVO
AKUVO is a leading provider of cloud-native collections software solutions that elevate how banks, credit unions, and fintechs collect and manage their portfolios via its products. Whether it is through their stand-alone virtual collector, or its next-generation collections platform, AKUVO provides the technology and data necessary to increase collections efficiency, provide a digital consumer experience, reduce staff costs, anticipate delinquencies, and provide insight into future credit decisions. AKUVO delivers a digital future for collections and account performance management with a visionary, behavior-based approach while taking full advantage of emerging technologies such as artificial intelligence, natural language processing, and machine learning. To learn more, visit www.akuvo.com.
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