A bunch of financial companies just teamed up to make compliance easier.
Yes, really.
Lender Compliance Technologies (LCT) just rolled out LCT CUSO—a brand new credit union service organization that’s all about bringing automated compliance solutions to credit unions nationwide. Think of it as the Avengers of compliance tech, but with less spandex and more spreadsheets.
The partnership brings together some heavy hitters: One Washington Financial (OWF), which is owned by Washington State Employees Credit Union; Jay Mossman, the CEO of AKUVO; and SWBC, a diversified financial services company. It’s the kind of collaboration that happens when everyone realizes there’s got to be a better way to handle F&I product cancellations and refunds.
Why This Matters (And Why Credit Unions Should Care)
“We are excited to build upon our successful credit union partnerships to deliver simplified compliance solutions that will help more CUs protect their bottom line and their members,” said Glenn Munro, CEO of LCT. Translation: compliance doesn’t have to be a nightmare that drains your resources and keeps you up at night.
LCT has been around since 2021, and they’ve already made a name for themselves helping banks, credit unions, and auto finance companies wrangle the chaos of managing cancellations and refunds for finance and insurance products—you know, stuff like GAP coverage and service contracts. Their flagship platform, Refund Control©, connects lenders directly to providers and automates the whole process from start to finish.
The numbers tell the story: they’re processing over 100,000 cancellations every month and currently support nearly 30 credit unions of all sizes, serving more than 5 million members across the country.
The Problem They’re Solving
Here’s the thing about member refunds without proper technology: they’re slow, messy, and full of missed opportunities. Credit unions lose out on recoveries they’re entitled to, members wait longer than they should, and regulatory risk lurks around every corner like a pop quiz you forgot to study for.
Paul Kirkbride, CEO at OWF, put it well: “Credit unions continually seek innovative solutions that help them operate more effectively while enhancing the digital experience for their members. By leveraging LCT’s extensive finance and technology expertise, LCT CUSO will empower credit unions to modernize and simplify complex processes and improve recoveries, so more resources go toward their true mission—helping their members.”
What Credit Unions Actually Get
The Refund Control© platform replaces those fragmented, hope-for-the-best processes with something actually manageable. Here’s what’s on the menu:
- Full control over workflows instead of handing everything off to outsourced vendors and crossing your fingers
- Direct connections to 800+ providers for accurate refund quotes—no more phone tag or email chains that go nowhere
- An audit-ready system with real-time tracking and reporting, because nobody wants to scramble when the auditors come knocking
- Automation that cuts workloads by up to 90%—which is the kind of efficiency gain that makes CFOs weep tears of joy
Smart Money Backing Smart Technology
Jay Mossman isn’t just lending his name to this venture—he’s putting his money where his mouth is through his investment company, NRT Holdings LLC. “Through AKUVO’s collaboration with LCT, I recognized right away the sheer advantage of LCT and its breakthrough technologies in helping credit unions solve real operational challenges and deliver better member experiences,” Mossman said. “That’s why I am excited to support LCT’s growth in the CU space and help give more credit unions access to intelligent, automated compliance technology that delivers real results.”
When someone who’s already deep in the credit union world decides to personally invest in a solution, that’s usually a good sign they’ve seen something that works.
The Bottom Line
Mark Hein, CEO of SWBC’s Financial Institution Group, summed up what this partnership is really about: “Financial institutions are committed to supporting their borrowers, especially when they need it most, but the process of collecting external refunds can sometimes create unnecessary complexity behind the scenes. This partnership with LCT’s innovative technology helps simplify that process by reducing the operational burden on financial institutions while making it easier for them to effectively support their borrowers.”
In other words, credit unions can now spend less time drowning in compliance paperwork and more time doing what they do best—actually helping their members. The platform keeps everything compliant in an increasingly regulated environment while putting credit unions back in the driver’s seat.
Sometimes the best innovations aren’t the flashiest ones. They’re the ones that take something complicated and make it simple, something time-consuming and make it fast, something risky and make it secure. LCT CUSO might not be as exciting as the latest fintech app, but for credit unions tired of compliance headaches, it might just be the hero they’ve been waiting for.