You may have already known that credit unions are required to post the NCUA Official Advertising Statement on its main internet page. But did you know that if the credit union accepts deposits or allows for the opening of accounts on its internet page, the requirements are different? Based on the websites that I have seen, most credit unions are not aware of the differences…so lets review the requirements!
Part 740.5 of the NCUA Regulations states that each insured credit union must include the official advertising statement in all of its advertisements, including on its main internet page. Credit unions have the following three options for displaying the official advertising statement on its main internet page:
- The statement: “This credit union is federally insured by the National Credit Union Administration.”
- The statement: “Federally insured by NCUA.”
- A reproduction of the official NCUA sign.
As I mentioned earlier, if the credit union accepts deposits or allows for the opening of accounts on its internet page, the above advertising requirements are superceeded by Part 740.4 of the NCUA Regulations which states that the official NCUA sign must be displayed, instead of the one of the advertising statements, if it accepts deposits or allows for the opening of accounts on its internet page.
So be sure to double check your websites to ensure that you are displaying the proper NCUA advertising statement or sign!