Credit Union best practices for staying compliant with GAP cancellation and refund laws on the agenda

Lender Compliance Technologies (LCT), the emerging leader in compliance software for voluntary protection product (VPP) cancellations and refunds, will lead a special roundtable at this year’s conference of the National Credit Union Collections Alliance (NCUCA). LCT and other industry experts will share valuable information to attending credit unions for staying compliant and safeguarding their reputation.

“We’re grateful for the opportunity to join other industry experts to help credit unions navigate the current environment and introduce them to best practices for GAP cancellations and refunds. It’s a solutioning session for lenders to learn about the different approaches they can pursue to stay compliant, ” said Tyler Gray, LCT Head of Sales.

Current laws regulating GAP cancellations and refunds can vary by state and often differ from federal regulations, leaving lenders without a clear path to compliance. As a result, lenders can suffer not only fines and remediation measures, but also reputational harm from bad practices or the lack of transparency in their processes. The roundtable will bring clarity to the issues lenders face as well as real solutions.

“With increased scrutiny around the administration of GAP cancellations and refunds for auto lenders, the NCUCA Board is excited to offer its Credit Union attendees a roundtable session on this topic,” NCUCA Board Member Jade Oesterle said.

The roundtable session will take place April 13, 2023, the third and final day of the NCUCA conference in Las Vegas. For more information on the conference and a list of all the experts that will be part of the GAP cancellations and refunds roundtable, go to ncuca.com.