In 2019, the CFPB listed auto loan ancillary product refunds as an area of focus. 46 states now have some form of written regulation requirements as it relates to refundable add on products to automobile loans. Lenders need to be sure their business is equipped with best practices to ensure this process is managed quickly and transparently. This session will discuss strategies for lenders to implement as they look ahead to 2020.
- Deconstruct what these regulatory changes mean to the lender
- Review outsourcing and in-house options for product refund strategies
- Discuss the process from when an incident happens to when a refund actually happens
- Discuss the importance of building a system of record for both loan management and refund distribution