From Afterthought to Strategic Approach: Managing Ancillary Product Refunds
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Regulatory scrutiny is heating up on refunding cancelled ancillary products. Historically, dealers and product providers managed the refund process, but recent class action lawsuits and changing state and Federal regulations are putting the pressure on the financial institution holding the loan to oversee this process and refund the borrower. Managing product refunds requires a proactive and strategic approach to maintain compliance and efficiently manage the process of refunding.
This eBook lays out:
- What triggers a product refund
- The current regulatory landscape for financial institutions
- Understanding UDAAP and the role it plays in product refunds
- The increased regulatory scrutiny on the GAP product
- Complexities of the product refund process and how to approach them
Download the ebook "From Afterthought to Strategic Approach: Managing Ancillary Product Refunds”.