Regulatory Compliance
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‘Tis the season to cross things off your list! #Marketing

As you cross names off your holiday shopping list remember to also make sure you cross your t’s and dot your i’s when marketing your credit union.  Consistency and accuracy should be a priority when marketing your credit union, therefore when you advertise a product on your webpage it should be advertised with the same accuracy as any print product you publish.

As the end of the year approaches, look at your webpages for deposit and loan products to make sure the terms used on the credit unions webpage match the terms used in published advertisements.

Some deposit topics to double check include:

(1)    Dividend versus interest rate – are you using the correct term for what your credit union offers and is the correct term used both on the webpage and in all your print material?

(2)    Annual Percentage Yield and Dividend rates should be rounded to the nearest one-hundredth of one percentage point (.01%) and expressed to two decimals.

(3)    APR versus dividend or interest rate – APR should not be stated as the “rate” for a deposit product, dividend or interest rates apply only.

Happy holidays and list making!

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