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Articles by Peter Krall
Free white paper: Improve execution through integrated technology
Credit unions are facing growing pressure to modernize, improve efficiency, and respond faster to emerging risks, but according to Allied Solutions’ latest white paper, success depends on more than adding new technology. It depends on execution. In The Integration Imperative, Allied Solutions explores how credit unions can better connect data, intelligence, workflows, and decision-making to create a more unified and scalable operating environment.
Mind the gap: Understanding UDAAP guidelines (Part 2)
In part one of this blog series, we discuss how auto loans are increasingly being paid off early and how this is impacting GAP (Guaranteed Asset Protection) waivers. Increasing voluntary protection product regulation places the responsibility on creditors to refund borrowers on unused portions of ancillary products. The CFPB’s spring 2022 issue of Supervisory Highlights, indicates an increased burden on creditors to comply with UDAAP (unfair, deceptive, or abusive acts and practices).
New risks and solutions for product refund liability
Product refund liability is an evolving challenge for credit unions; complying with state-by-state regulations, avoiding legal challenges, and establishing the right processes along the way. When a loan is terminated due to early payoff, repossession, or total loss, what happens to the ancillary products attached to the loan?
PODCAST: Product refunds in the digital era
There’s another part of the digital world of financial services within automotive that might not get the attention of pre-approvals and the path toward delivery, but not completing it correctly can land finance companies in trouble. It’s refunding warranties and other F&I products when the vehicle is repossessed or is deemed to be a total loss following a crash or other catastrophic event.
3 challenges of product refunds (and how your credit union can be proactive)
Credit unions continue to face a myriad of changes and challenges as they service auto loans and grow their auto loan portfolio. Recently, the auto industry has experienced increased regulatory scrutiny and attention, particularly related to dealer sold guaranteed asset protection (GAP) policies.
3 things to know about product refund liability
The impact stemming from the pandemic on credit unions and auto loan servicing is ongoing. OEMs have been shut down, stimulus payments have created a surprising decrease in delinquencies as well as an uptick in vehicle demand, resulting in a shortage of inventory. Repossessions are on hold yet are rebounding. All of these factors create an unsure credit picture coming out of the stimulus checks, especially for subprime borrowers.
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