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

Washington
Compliance Is the ubiquitous rate board required
WASHINGTON (6/27/08)—Many credit unions—and financial institutions in general—feature lobby display boards for selected loan or account rates. But is there a rule that requires that kind of public display? The Credit Union National Association’s June Compliance Challenge asks readers to consider: Is the rate board required by either Regulation Z or Truth in Savings? The answer is no. Neither Regulation Z nor Truth in Savings requires a federal credit union to maintain a lobby rate board and post loan and share account rates. In fact, neither regulation requires any specific form of advertisement nor do they require a credit union to advertise at all, CUNA’s compliance experts note. According to the Challenge, once a credit union decides to advertise its products, it must comply with the requirements of Regulation Z if it is advertising a loan product or Truth in Savings if it is advertising a share account product. Credit unions should be aware that both Regulation Z and Truth in Savings define advertisements very broadly. Examples include:
* Messages in a newspaper, magazine, leaflet, promotional flyer, or catalog. Announcements on radio, television, or public address system; * On-line messages, such as on the Internet; * Direct mail literature or other printed material on any exterior or interior sign; * Point-of-sale displays; * Telephone solicitations; * Price tags that contain credit information; * Letters sent to customers as part of an organized solicitation of business; * Messages on checking account statements offering auto loans at a stated annual percentage rate; * Communications promoting a new open-end plan or closed-end transaction.
Use the resource link below to read more on this and other compliance guidance.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago