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Mass. banking commissioner seeks clearer savings ads
BOSTON (3/18/11)--Massachusetts Commissioner of Banks David J. Cotney asked credit unions and banks to review their deposit advertising to make sure that they are providing a “full and fair disclosure of all material terms of an offer, clearly and conspicuously,” in a letter dated March 8. He reminded managers of financial institutions that they must be in compliance with the Truth in Savings Law, whose purpose is to “allow a consumer to make meaningful comparisons among institutions on similar products,” according to the Massachusetts Credit Union League (e-Weekly March 8). Cotney also cited the state’s consumer protection statute chapter 93A, which protects consumers from unfair and deceptive practices. The letter provides specific examples. To read the letter, use the link.
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