Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Four common mistakes credit unions make online
DES MOINES, Iowa (1/13/12)--A new white paper from PolicyWorks provides credit unions with tips for ensuring their online marketing and advertising efforts meet compliance and disclosure standards.

"Credit unions are held to many of the same regulations governing the big banks and the way they advertise their products and services," wrote author Kyle Woodmansee, PolicyWorks compliance officer. "Therefore, they need to apply as much scrutiny and due diligence to their creative messages as do large financial institutions."

The white paper addresses four questions related to communicating online:

  1. Is the newsletter really 'for members only?' Once they are published, online newsletters that previously were mailed only to members are open to public viewing. Once a newsletter becomes available to the public, new regulations apply.
  1. How free is "free?" Free checking is a key differentiator for credit unions in the wake of the new interchange rule and Bank Transfer Day. It's important for a credit union's marketing team to fully understand the fee structure behind "free checking" before advertising it as such.
  1. Is the giveaway being promoted more than $10? Giveaways are popular marketing promotions. Credit unions, though, are governed by specific rules about communicating a giveaway that is considered by the National Credit Union Administration to be a "bonus"--a premium, gift, award or other consideration work more than $10 given to a member for opening, maintaining or renewing an account or increasing an account balance. There is a large list of disclosures that must accompany the promotion. Those disclosures require screen space and bandwidth.
  1. Does the message pull the disclosure trigger? There's a long list of promotional terms that will trigger warning terms for an examiner. "No closing costs," "0% annual percentage rate," and "No balance transfer fee" are among them. Most of these require additional disclosures. Providing those disclosures online--in a YouTube video, for example--can be a challenge.
Other Resources

RSS





print
News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
12 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
12 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
12 hours ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
14 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
17 hours ago