MALVERN, Penn.— AKUVO, which specializes in collections and credit risk, said it has entered into a partnership with Southlake, Texas-based Lender Compliance Technologies, a provider of compliance solutions for managing finance and insurance (F&I) product refunds.
“In recent years, federal and state regulators have increased their scrutiny of the administration of these products,” AKUVO said in a statement. “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.”
‘Seamless Part’
Mike Ruggiero, AKUVO’s SVP of -relationships, said that with the integration requesting cancellations and refunds will become a seamless part of our customers’ collection process.”
In announcing the partnership, the company noted that earlier this year 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,” AKUVO said. “Credit unions will also need to be prepared for state level examinations related to GAP and all other Voluntary Protection Product cancellations.”
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