New CUSO Targets Credit Union F&I Refund Compliance
By CU Today Staff —
SOUTHLAKE, Texas — Lender Compliance Technologies (LCT) today announced the launch of a new credit union service organization (CUSO) – LCT CUSO – dedicated to making advanced automated-compliance solutions seamless and accessible to credit unions across the U.S.
LCT CUSO is a partnership with One Washington Financial (OWF), a CUSO wholly owned by Washington State Employees Credit Union (WSECU), Jay Mossman, CEO of AKUVO, and SWBC.
"We are excited to build upon our successful credit union partnerships to deliver simplified compliance solutions that will help more CUs protect their bottom line and their members," said Glenn Munro, CEO of LCT. “Through the power of collaboration and innovative technology, the LCT CUSO will give credit unions complete control of the F&I product cancellation and refund process, so they are audit-ready and member-first.”
Founded in 2021, LCT is a leading compliance-driven technology software provider that helps banks, credit unions and auto finance companies manage cancellations and refunds for finance and insurance (F&I) products, such as GAP and service contracts. Its flagship platform, Refund Control, provides lenders with end-to-end automation, direct provider connections and real-time tracking that enhances operational efficiency, reduces risk and maximizes recoveries.
The new LCT CUSO will provide credit unions with access to LCT's cloud-based platform, which processes more than 100,000 cancellations monthly and currently supports nearly 30 credit unions of every size serving more than 5 million members across the U.S.
“Credit unions continually seek innovative solutions that help them operate more effectively while enhancing the digital experience for their members,” said Paul Kirkbride, CEO at OWF, WSECU’s CUSO holding company. “By leveraging LCT’s extensive finance and technology expertise, LCT CUSO will empower credit unions to modernize and simplify complex processes and improve recoveries, so more resources go toward their true mission – helping their members.”
Without lender-controlled technology, member refunds can often be delayed, and credit unions can miss out on recoveries and open themselves up to regulatory risk, LCT said. Refund Control by LCT CUSO replaces "fragmented" processes with a single, audit-ready system of record that provides:
“Through AKUVO’s collaboration with LCT, I recognized right away the sheer advantage of LCT and its breakthrough technologies in helping credit unions solve real operational challenges and deliver better members experiences,” said Mossman, who is personally investing in the LCT CUSO through his investment company NRT Holdings LLC. “That’s why I am excited to support LCT’s growth in the CU space and help give more credit unions access to intelligent, automated compliance technology that delivers real results.”
LCT’s Refund Control platform empowers credit unions to serve their members' best interests while staying compliant in an increasingly regulated environment.
“ Financial institutions are committed to supporting their borrowers, especially when they need it most, but the process of collecting external refunds can sometimes create unnecessary complexity behind the scenes,” said Mark Hein, CEO of SWBC’s Financial Institution Group. “ This partnership with LCT’s innovative technology helps simplify that process by reducing the operational burden on financial institutions while making it easier for them to effectively support their borrowers.”
Learn more about LCT CUSO and Refund Control for credit unions at lct1.com/for-credit-unions.
Originally reported by CU Today.