It's Time to Take Control of Product Refunds
It's time to protect your financial institution. Don't go it alone.
In their latest Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) indicated that they will continue placing scrutiny around ancillary product refunds - the fourth time in just three years that they have issued guidance on this topic.
Take control of product refunds with RefundPlus®, an outsourced, end-to-end product refund solution that enables you to enhance compliance while freeing up staff to focus on other priorities.
Optimizing the Product Cancellation Process
Key Benefits of RefundPlus®:
- Unique end-to-end process
- Millions invested in technology
- API data integrations with leading platform
- Fully auditable document trail
- Expanded Lending Capacity
- More satisfied consumers
CFPB Issues Notice Regarding Ancillary Product Refunds
On Monday, May 2, the CFPB issued a notice regarding harmful practices related to overcharging for add-on products on auto loans. The article states, "The CFPB will continue to scrutinize servicer practices to make sure that borrowers aren’t overcharged when their loans end early." This issue continues to be featured in the news, and it's not going away soon. We developed RefundPlus as the only end-to-end product refund solution available to help you enhance compliance.
2021 NAFCU Innovation Award Winner
The annual NAFCU Services Innovation Awards program recognizes some of the most valuable contributions to the credit union industry. Entries include groundbreaking advancements in technology, software, digital media, campaigns, and more. A panel of esteemed judges from different segments of the credit union industry evaluate entries based on degree of innovation and impact on credit union success. These participating companies help advance our industry; they understand the obstacles, know how to challenge the competition, and bring new solutions to help credit unions grow. The Innovation Awards program gives credit unions a set of vetted and tested solutions to continue building their competitive advantage.
REFUNDPLUS RESOURCE ROUNDUP
Access the Resources
We are dedicated to helping financial institutions grow, protect, and evolve their businesses through the challenges and hurdles of managing ancillary product refunds. Tap into a library of educational resources that will support your efforts to enhance compliance and protect your financial institution.