In this episode of The Allied Angle, Allied's Chief Legal Officer, Kelly Miller, and SVP Client Experience and Risk Management, Anne Holtzman, address the regulatory and compliance hurdles that lenders face when managing Collateral Protection Insurance (CPI) and Guaranteed Asset Protection (GAP) programs.
In this episode:
:40 Meet Anne and Kelly
5:46 The partnership between business and legal sides when it comes to risk management.
9:20 A brief history of CPI and the factors that have contributed to its current state.
18:24 How the regulatory landscape has changed regarding CPI and GAP.
25:38 The compliance challenges lenders face when managing their CPI and GAP programs.
30:06 The differences between federal and state regulations.
34:14 Why states don't necessarily follow federal regulations.
37:34 Litigation risks lenders face related to CPI and GAP.
42:09 Advice for lenders on mitigating the risk of class action lawsuits related to CPI and GAP product refunds.
44:39 Best practices for handling product refunds and potential regulatory penalties for not managing them properly.
48:11 Staying ahead of regulatory changes and avoiding penalties.
50:51 The future for risk management products and how lenders should prepare.
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