FNI first selected an experienced GAP administrator offering clear, consumer friendly contractual terms and full total loss GAP protection to ensure consumers are provided with a product that truly pays the complete “gap” between insurance company settlement and remaining loan obligation. Bundled with superior GAP contractual protection and with a focus on compliance with the Consumer Federal Protection Board’s (CFPB) Service Provider and Add-On Product guidance Bulletins 03-2012 and 06-2012, FNI provides financial institution clients with a GAP Vendor & Product Management compliance solution that includes templates for product purpose and policy, provider and marketing material due diligence, employee and network sales training and certifications, internal program compliance administration, and full program implementation and ongoing product and compliance support.
FNI’s President, David Bafumo states, “GAP is a win-win-win product for consumers, financial institutions and originating automobile dealers. Nonetheless, it is a product in the regulatory spotlight and finance companies offering a captive or preferred GAP product must ensure their marketing process is compliant and the product and provider perform as advertised. With this first compliance bundled package, FNI makes consumer protection compliance, and the essential documentation to prove it, both simple and seamless.”
To learn more about FNI’s Assured Consumer Protection Compliance GAP program or additional compliance and product services offered by FNI, contact David Bafumo directly at 888-973-9776 and visit the FNI website at http://www.myfni.com
About FNI: With over 15 years of combined experience in law, finance product development, marketing and program management, and auto finance sales management, you can count on FNI’s total vision of industry products and issues for profitable, compliant business solutions. FNI’s President, David Bafumo, received his J.D. from Washington & Lee University School of Law and is a member of the Virginia State Bar.