Lender Compliance Technologies (LCT), an F&I product compliance solutions provider, and Akuvo, a software provider specializing in collections and credit risk, have joined forces to deliver the a new F&I product.
LCT’s Refund Control digitally monitors and tracks the F&I services refund process, in compliance with consumer protection laws. The solution is an alternative to manually managing the process.
Akuvo Senior Vice President of Relationships Mike Ruggiero said, “With this integration, requesting cancellations and refunds will become a seamless part of our customers’ collection process.”
According to LCT, the product will comply with policies published in the National Credit Union Administration’s 2024 Supervisory Priorities.
LCT Head of Sales Tyler Gray said, “Lenders need a solution that helps them stay compliant and operationally effective. With LCT, lenders get the best of both worlds.”
