Here’s something I ran across last week that I thought might be a good reminder:
Do you advertise your dividend-bearing term share accounts as “Certificate of Deposits” on your website? If so, it is time to make a change. It is important to use the correct terminology when advertising these types of accounts.
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As 2011 winds down, it seems we always need reminders of what needs to get done before the end of the year. We have to remember the gifts we need to buy for our loved ones. We need to remember the food that needs to be prepared and brought to the holiday meal. We have to remember to bring the nut roll to Aunt May’s holiday dinner. And we need to prepare our New Year’s resolutions for next year. One reminder that I would like to share, has to do with the compliance date for the updates to the NCUA Regulations for the Share Insurance official advertising statement.
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That’s right…there is a new mortgage related advertising rule! Did you miss it? Based on the chatter I have been hearing, a lot of you have. For those of you who have no idea what I am talking about, here is what you need to know. Effective August 19, 2011, an FTC rule went into effect which prohibits misrepresentation in any advertisement relating to mortgage credit products and imposes record retention requirements.
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Who doesn’t love to get something for free! The Great Iowa State Fair starts today and as a regular attendee, I will be partaking in the freebies…free concerts, free koozies, free pencils, free Iowa State University football posters (yes, they have the Iowa Hawks too!) and the list goes on….
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Many of you will soon be rolling out your summer ad campaigns….but are they compliant? Recently I have found myself reviewing a number of credit union advertisements for compliance issues, and with that comes a refresher on the advertising rules under Truth in Savings. It had been a while since I really dove into the advertising rules so I thought I would take this opportunity to remind you of some of the key requirements under Section 707.8 so you can be rest assured that your advertisements will meet the litmus test.
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If you remember our compliance forecast from January 11th we discussed the NCUA’s intentions to amend the NCUA official advertising statement rule. Well the NCUA Board has done just that. Here is what you need to know:
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Last week I was fortunate enough to listen to a wonderful presentation on social media and technology by Mr. Robert Rutkowski. During the presentation, Mr. Rutkowski stressed the importance of social media in the world today, for both personal and business purposes. I have to admit, I agree with Mr. Rutkowski – however I didn’t realize just how much until I recently lost access to my Facebook account. It has been almost two weeks now and I feel incredibly disconnected from the world without access to Facebook. While this may seem a little silly to some, I can assure you that there is nothing silly about the benefit credit unions can receive by effectively using social media tools.
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