One of the most common compliance issues I see when I am conducting a website audit, or reviewing marketing materials for credit unions, is the use of potentially deceptive or misleading advertising. This is one compliance item that is not always black and white and to ensure compliance, it may take a collaborative effort by compliance officers and marketers alike.
So what do I mean when I say deceptive or misleading? Simple… or is it? Your advertisements should not trick your audience into thinking something, that isn’t really true. Let’s look at an example:
Notice anything deceptive or misleading? You should… this ad is implying that everyone who applies will be approved. Unless your credit union plans to approve anyone who applies for this loan, it is misleading.
I would also recommend you pay close attention to your wording when offering to reduce an applicant’s loan rate. Using words such as, “you could,” or “you may be able to” will go a long ways in ensuring that your credit union’s advertisements are not misleading.
Have a great day!