Create Internal Checklists. For example, the law firm Kaufman and Canoles compiled a checklist for credit union lobby print marketing compliance which includes: Attorney E. Andrew Keeney recommended following the FTC’s four Ps to ensure full disclosure. Already Subscribed? Equifax Premium Products . This checklist … This assures that each piece of collateral includes the necessary advertising disclosures. WordPress Plugins. CUNA’s 2019 Year in Review Checklist is now available to help credit unions review and update policies and procedures to reflect regulatory changes of 2019. The key is to understand that the rules that apply to your print advertising also apply to your website. Access to other award-winning ALM websites including Law.com and GlobeSt.com. Having the right conversations with the right people is the right idea, but it’s … We hope that these tips will help your credit union to market your products and services confidently, while helping to manage your compliance risk. The current list is in alphabetical order. 6 While general in nature, it includes questions on ADA, signage, security and transaction/compliance issues. Alliant Credit Union is one of the largest credit unions in the U.S. So, when credit unions prepare to advertise their products and services, they’re faced with some important questions—regardless of the marketing channel they use. To help credit unions, NAFCU’s Regulatory Compliance team developed this resource for navigating the complex federal regulatory framework that applies to advertising products like share accounts and consumer loans. To help assist the formal review process, I recommend that credit unions … Website compliance can be tricky to maintain, as websites are frequently updated. Credit Union Times Magazine Issue Gallery, CU Employee & Member Safety Act Gets Bipartisan Senate Support, Black, White Female CU Professionals Pair Up for Pilot Mentoring Program. Our 100% ADA compliance and satisfaction guarantee means our COMMANDOs are going to create the perfect representations of your membership and the story of your credit union. Concepts Unlimited. Exclusive discounts on ALM and CU Times events. Compliance is one of the most in-demand League services. Download TicklerTrax for free. Review your ads via categories like: Once you’ve done that, then you can determine the required advertising disclosures for any given situation. But don’t worry, the experts at PolicyWorks are here to help. Compliance officer Jennifer Adkisson stresses the importance of treating your website the same as you would a branch location. Check and double-check your advertising channels to make sure you’ve followed the correct compliance guidelines. The end result is typically confusing to your customers (and even your own employees) because you’re burying pertinent information amidst verbiage that doesn’t apply to the ad in question. In an article for CUInsight, she states that credit unions of all sizes must ask themselves: “If a regulator visited our website today, are we 100% confident that our credit union would pass the advertising compliance test?”. For a free brand consultation, contact a BlueSky ETO representative today. Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, Your goal is to create a campaign for branch “in-store” marketing materials and local billboard ads. compliance. COVID-19 Notice: The NCUA maintains a COVID-19 resource page for credit unions and credit union members. Creating compliant advertisements that communicate a credit union’s products and services in a way that appeals to consumers can be challenging. Share A Resource . Visualize your exception data in interactive charts and graphs. 3. Are we compliant? How Credit Unions Can Help SMBs Optimize Their Business With Omnichannel and Integrated Payments. It’s known as the “one-click away disclosure rule.”, “The ‘one-click away’ rule is found in the Commentary to both Regulation Z (Truth in Lending) and Regulation DD (Truth-in-Savings) and deals with how certain advertising disclosures are provided. Internal control questionnaires and audit procedure checklists lead you from program creation through compliance. Analyze Ads Product-by-Product. Service’s compliance reviews are Excel files written like a questionnaire and used like a checklist. There isn’t a “one size fits all” solution for credit union marketing compliance. WEB SITE COMPLIANCE CHECKLIST Page 10 of 17 . cuadvertising.net Austin, TX … With respect to the content of this publication, neither the Credit Union National Association, Inc. (CUNA) nor any of its affi liates or its or their respective employees make any express or You may have heard this phrase from a realtor emphasizing the value of a house or building based on its whereabouts. For instance, let’s say a competing credit union doesn’t include a certain disclosure in an ad. What advertising disclosures are required? Any federal credit union that advertises real estate-related loans must prominently indicate in such advertisement, in a manner appropriate to the advertising medium and format used, that the credit union makes such loans without regard to race, color, religion, national origin, sex, handicap, or familial status. Your credit union marketing compliance strategy is only one part of a total brand management solution. To help credit unions, NAFCU’s Regulatory Compliance team developed this resource for navigating the complex federal regulatory framework that applies to advertising products like share accounts and consumer loans. Strong preparation and organization are key to maintaining regulatory compliance in these times. While it covers most federal consumer protection laws and regulations that affect credit unions, it does not address all federal laws or any state laws. Provide internal auditors, marketers and compliance officers with a valuable monitoring tool. Credit Union Marketing has provided forms, envelopes, calendars, ad specialty items, marketing pieces such as postcards and NOW videos as well. Advertising Checklist. As we mentioned, just because one (or more) of your competitors is doing it (or not doing it) doesn’t make it correct. But when you have a checklist, you can identify “trigger terms” and determine if you need more. Compliance & Marketing Guide iv When Is an Ad Not an Ad? Visualize your exception data in interactive charts and graphs. How did your credit union perform? where the credit union normally receives insured funds or deposits in its principal place of business where it accepts deposits or opens accounts . 2. Of course, the disclosures depend on the content of the ad. Download TicklerTrax for free. But did you know it can also apply to your brand's marketing strategy? Learn how your comment data is processed. Some brands attempt this for as many of their ads as possible, but it isn’t a good habit to get into. This review process helps ensure the appropriate individuals are aware of the advertising campaign and have provided the necessary approvals. Creating compliant advertisements that communicate a credit union’s products and services in a way that appeals to consumers can be challenging. To find success in selling more of your products and services, it helps to know how much holiday shopping has changed over the past few years. The number one way to prevent claims of unfair, deceptive or abusive marketing is to make sure each ad is properly reviewed. CUNA’s 2019 Year in Review Checklist is now available to help credit unions review and update policies and procedures to reflect regulatory changes of 2019. But don’t worry, the experts at PolicyWorks are here to help. We build, manage, and maintain your credit union’s brand image across all platforms so you don’t have to worry about it. The rules ... Let’s review the compliance checklist on page 8 to see if the ad complies with NCUA’s Rules and Regula- Please keep in mind that we provide this list as an overview of regulations; it's important that your credit union staff and compliance counsel have thorough knowledge of these issues and review materials before posting to your website. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. If you’re using the checklist method (as previously suggested), arrange each item according to the product rather than its regulation. After this program, will you or the Marketing Department be using the checklist provided to verify that your Credit Union is in compliance with the NCUA advertising regulations? Fill out the form to get the Credit Union Website Compliance Checklist, a handy tool that walks through key compliance items to consider on any credit union’s website. Of course, the disclosures depend on the content of the ad. Download this whitepaper to learn about the opportunities for your credit union. Refer to the “ Credit Union Website Compliance Checklist,” a handy tool that highlights key compliance items to consider on any credit union’s website. Prior Audit Results. The best way to be certain that you included all the necessary steps in your credit union marketing compliance review is to make a checklist. If you use WordPress to run your site; there are several plugins like Accessibility Suite or WP Accessibility Helper that you can use in conjunction with your bank’s ADA compliance checklist.. Marketing in the financial services industry is a highly-regulated practice. Get peace of mind when you choose from our comprehensive 3-bureau credit monitoring and identity theft protection plans. In a post-merged company, whether for a public company or a credit union, the creation of mutual trust, a shared vision and clear roles takes time to develop. Reg. Ensure your financial institution has a defined social media framework for managing compliance and legal risk. Login. Fill out the form to get the Credit Union Website Compliance Checklist, a handy tool that walks through key compliance items to consider on any credit union’s website. Regulatory and Compliance Resources. Sponsored by Harland Clarke A Vericast Business, Trends and Opportunities in Personal Loans. So, when you’re reviewing your marketing materials and ads, focus on the product itself and its particular rules. Yes, it is that important. •Yes •No. Get Socially Engaged. I’ve been fortunate to work with credit unions throughout the country–first as the lead compliance attorney at NAFCU and now in private practice. your credit union marketing compliance issues are more varied, depending on the situation. Their credit union marketing ideas may be detrimental to your success. In addition to each product requiring its own compliance analysis, each marketing channel also needs a thorough examination. 2. If your credit union does not already have one, establish a formal review process for all credit union advertisements. Practical Social Media Compliance Checklist Helps Community Banks & Credit Unions. Create Internal Checklists. Based on this experience (I’ve spent a good deal of time “in the weeds” of the overlapping regulations), below are my seven advertising compliance tips for credit unions. This requires that everyone’s on the same page. All Rights Reserved. The first section in Redboard’s credit union audit checklist reviews past audits. By Oak Tree Marketing Team, 4 weeks 2 weeks ago . Evolution of Brand Management: What You Need to Know in 2021, Holiday Marketing Campaigns: Here’s Your Brand’s Can’t-Miss Multichannel Strategy, Marketing for Hospitality and Tourism: A 7-Step Roadmap to Success, Credit Union Marketing Compliance: What You Need to Know, Lender/Equal Housing Opportunity provider poster, APR and APY requirements under Truth in Lending and Truth in Savings. This doesn’t necessarily make it OK for you to follow suit. As... 'Tis the season once again for holiday shopping. To help credit unions of all sizes, we developed a number of resource centers that provide critical regulatory and supervisory information in a single, one-stop source. The best way to be certain that you included all the necessary steps in your credit union marketing compliance review is to make a checklist. NAFCU's Online Training Center gives your credit union access to critical training and updates from industry experts, often for less than the cost of attending one conference! At least not if they wanted to stay in business. Finding ways to connect, entertain and network remotely will be an ongoing part of our lives. Each review tackles a different act or regulation, including Truth in Lending, Truth in Savings, Fair Credit Reporting, RESPA, Equal Credit Opportunity, Fair Housing, Military Lending, BSA, Children’s Online Privacy Protection, and more. Provided by bank technology vendor, AccuSystems. 3. The world is different for credit unions today, so we have to bring new strategies and a new attitude to face it. How can credit unions understand and manage the compliance risks related to their advertising? Utilize the One-Click Rule. Gain essential credit union knowledge and training on the hottest topics in a fast, convenient way. 41 Survey Does your Credit Union advertise on TV? Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Compliance: 2019 checklist for CUs to update policies, procedures. BlueSky ETO builds customized brand management software around your credit union’s business goals. But it wasn't like brands had an option. Products & Services. But one click means one click.”. Part 740 describes “accuracy” as advertisements that are not in any way deceptive or do not misrepresent the credit union’s products or services. creditunionradio.com Orlando, FL 888-494-4111 Creative audio production for credit unions — commercials, jingles, acoustic logos, ringtones, podcasts and on-hold messaging. Credit Union Radio . Everyone always says to read the fine print, but is it really that important? This checklist for credit union compliance is a few important tips that could come in handy for keeping your credit union compliant. Convenient access to checklists and guides to help you maximize your credit union 's performance and increase productivity. From print ads to “in-store” marketing materials to social media posts and any other type of advertising you do, this is the first logical step in credit union marketing compliance. A formal process makes this a priority with each campaign you create. With this checklist, you’ll be able to: Identify the various types of consumer compliance risks and threats that apply to social media. Personal loans have exploded in popularity in recent years. To help credit unions of all sizes, we developed a number of resource centers that provide critical regulatory and supervisory information in a single, one-stop source. The first section in Redboard’s credit union audit checklist reviews past audits. Rachel Straining January 10, 2019 November 2nd, 2020. REPUTATION MANAGEMENT Show your customers and potential business partners that you value their feedback by acknowledging their comments and by letting them know that you're willing to take steps to improve … If you have a resource you can share, click the Add Link button above. Downloaded by more than 1,000 bankers. Each product you offer may need its own disclosure verbiage. •Yes •No. Here’s what it includes: 1. The industry's best credit union training, available anywhere, anytime. For example, let’s say you’re considering how to use large format printing. Part 740 of NCUA’s Rules and Regulations is required reading for any marketing professional when preparing an advertising campaign for a credit union. A checklist can help the credit union determine whether a “trigger term” is used and, if so, what additional disclosures must be included. Applicable Laws or Regulations Web Pages Comments . The credit union-specific audit management software company Redboard recently released an exam and audit checklist. Topics: Earlier this week we discussed the Member Identification Program, a fundamental part of Bank Secrecy Act compliance.Today we'll talk about a more modern risk - social media. Compliance: 2019 checklist for CUs to update policies, procedures. Advertising has become one of the more complex compliance concerns at financial institutions, as every marketing piece, disclosure, electronic posting are being scrutinized by the regulatory agencies. Credit Union Compliance What a CU Needs to Stay Compliant. 1. A similar version of the bill was introduced in the House in April. Thus, to make your job easier, we sought out some of the most credible credit union marketing compliance sources and compiled their recommendations for you here. by David Kindervater | Financial Services Brand Management | 0 comments. Bank Advertising Compliance Tools. We’ve created powerful solutions for some of the world’s biggest brands in the financial services industry, and we can do the same for your credit union. resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters. The year 2020 forced brands to re-examine their identity and direction. Your email address will not be published. Credit Union Administration’s (NCUA) ... Part 740 of NCUA’s Rules and Regulations is required reading for any marketing professional when preparing an advertising campaign for a credit union.
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