[INTERVIEW] Class Action Alert – Product Refunds and CU Exposure Risks

December 17, 2020 | 2:00 PM EST

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About the Interview

The first class-action lawsuits have started hitting the courts. Legal and Compliance experts expect many more to come. Credit unions that have been active in auto lending, particularly indirect transactions, could be the most exposed. The ancillary products tied to these lawsuits are typically:

  • GAP
  • Mechanical Breakdown
  • Credit Life
  • Credit Disability
  • Vehicle Service Contracts

At the root of the problem is how refunds are provided when policies are cancelled or loans paid off. While the regulatory and legal landscapes are shifting quickly on the issue, your member experience is equally at risk. Join our conversation with Pete Hilger, CEO of Allied Solutions, to catch up on the latest developments on this important topic.

Key Takeaways:

  • Refundable ancillary products to watch out for
  • How to adapt to the changing regulations
  • How to protect your CU by keeping your dealing agreements up-to-date
  • The consequences of non-compliant refund processes

Watch the Interview On-Demand

Presented By

Pete Hilger
Pete Hilger

CEO | Allied Solutions

As Chief Executive Officer, Pete leads all aspects of Allied, including strategic vision and development, acquisitions, key industry relationships, and the overall value proposition to clients and partners. Pete served as Allied Solutions’ President and Chief Marketing Officer before being promoted to CEO in August 2016. He has 30 years of corporate management experience focused on strategic planning, product and service positioning, acquisitions, and partnership development. Pete began his financial services career in 1990 as Principal and Executive Vice President at the companies comprising the Eldredge Corporations. Pete attended Sinclair University and holds insurance licenses in several states. He serves on Allied Solutions’ Board of Directors.