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
Texas regulator urges caution in explaining CU difference
FARMERS BRANCH, Texas (10/3/08)--A Texas regulator is urging credit unions in the state to use caution with the claims they make to explain any advantages credit unions may possess in maintaining the security of members’ accounts. The Texas Credit Union Department (TCUD) issued a regulatory bulletin regarding advertising campaigns geared to educating the public about safety and soundness of credit unions (LoneStar Leaguer Oct. 2). The bulletin reads: “It has come to our attention that some credit unions have engaged in very liberal advertising campaigns using such superlatives as ‘most secure,’ ‘strongest’ and ‘safest’ or that play on public fears about other types of financial institutions.” TCUD said it has received numerous complaints that these types of ads are disseminating information that usually is impossible to justify or quantify. “We believe this form of advertising is inappropriate and, in some cases, represents a violation of state and federal laws,” the bulletin continues. “These ads undermine the public standing of other insured financial institutions and increase the public’s concerns,” TCUD said. The regulatory bulletin references a state code that says in part that “an advertisement shall be deemed to be misleading if it states that the credit union’s services are superior to or of a higher quality than that of another financial institution, unless the credit union can factually substantiate the statement.” To view the regulatory bulletin, use the link. Visitors will have to log in to view the document.
Other Resources

RSS





print
News Now LiveWire
.@PCISSC issues new pen test guidelines for businesses to identify network vulnerabilities @CUinfosecurity http://t.co/ENeGTPSMjf
27 minutes ago
#Georgia credit union parity bill awaits signature from @NathanDeal http://t.co/zbS4IZsOp6
40 minutes ago
IRS @IRSnews to offer April 8 webinar on UBIT #NewsNow http://t.co/hZIHF5RbH4
53 minutes ago
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
15 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
20 hours ago