AKUVO-LCT Partnership Upgrades F&I Compliance

AKUVO, a technology organization that specializes in collections and credit risk, is proud to announce a new partnership with Lender Compliance Technologies (LCT) of Southlake, Texas. LCT is an emerging leader in 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. 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.

“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.”

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.

“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.”