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May 20, 2011

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Comments

Dianna

Congrats on the pending wedding!! Sorry, no Dallas knowledge to pass on (beyond the Compliance Seminar from last year).

Rob Hatfield

What about billboards? Do you have any idea about what they would require on billboards? Certainly they aren't expecting us to follow print rules on billboards?

Steve Van Beek

Rob,
There is no exception for billboard advertisements. I don't think those ads were something that NCUA considered when they amended the regulations.

One option that some credit unions are looking at is including the "Federally insured by NCUA" language on the billboard below the NCUA logo to help ensure legibility. But, I'm not sure there is a perfect solution.

Rob Hatfield

Thanx! Probably have to fudge the "no smaller than the smallest type" rule on boards;

Joyce

But doesn't 740.5(b) state that a CU can use "Federally insured by NCUA" - at their option OR a reproduction of the official sign as the official advertising statement? Meaning, we can use EITHER the sign or just the "Federally insured by NCUA"? Then, it really wouldn't be an issue with billboards, right?

Steve Van Beek

Joyce,
Yes - the CU does have the option of using one or the other. You wouldn't have to use both, you are right.

The use of "Federally insured by NCUA" or the official sign would work - provided you meet the size requirement.

Joyce

Phew! Thanks for the confirmation, Steve... and welcome back :-)

Lori Martinez

Just to confirm, the "Federally insured by NCUA" statement can also be used on direct mail/post cards in lieu of the logo, yes? Are there any specifics as far as placement?

Steve Van Beek

Lori,
Yes - the credit union has the option to use the short version of the official advertising statement "Federally insured by NCUA" on its ads.

There is no placement requirement but you'd need to make sure the disclosure was the same font size as other information on the ad.

Lori Martinez

Thanks for the info, Steve!

Veronica Esparza

I have a question-our credit union is working on creating a separate website that would allow credit union members to open accounts online. This includes savings, checking, and loan accounts. This site can be accessed from our home page (which does carry the NCUA logo) and from our home banking page. Would we be in compliance if we only use the verbiage "Federally Insured by NCUA" or do we need the official logo on this page as well?

Steve Van Beek

Veronica,
The credit union would need to use the official sign on this website because members would be able to open accounts from that page. Section 740.4(a) of NCUA's regulations requires the official sign on Internet pages where the credit union allows members to make deposits and open accounts. Using just the "Federally Insured by NCUA" would not be sufficient.

VE

Thank you so much Steve! I really appreciate the quick response!

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