Is the ncua advertising statementor its short version accompanied by the ncua logoon every page that advertises deposit account products. Except as provided in § 328.3(d), each insured depository institution shall include the official advertising statement prescribed in § 328.3(b) in all advertisements that either promote deposit products and services or promote non-specific banking products . (a) Advertisement defined. So, I'll just say that even when a message is considered an "advertisement," you may not actually need to include the official advertising statement thanks to some exceptions. In the long version the official advertising statement reads. . Found inside – Page 18... MERGERS AND ACQUISITIONS course of their official duties ( DC DC ) 644 See also BANK HOLDING COMPANIES ; -NCUA official ... since he continued objections 540 to receive improper periodic statements — Illinois , South Chicago Savings ... INDEX 2010-2021 BCG 2 AMERICANS WITH DISABILITIES ACT Ninth Circuit Validates ADA Website Claims Nov 2019 "Specifically, in 2011, while banks needed only to include the FDIC advertising statement in radio and television ads that exceeded 30 seconds, the 2011 NCUA rule change required FICUs to include NCUA's official advertising statement in radio and television ads that exceeded 15 seconds. 0 If the official sign is used as the official advertising statement, an insured credit union may alter the font size to ensure its legibility as provided in § 740.4(b)(2). SUITE 100 Based on this definition, advertisements would include all print, electronic or broadcast media; displays and signs; stationery and other promotional material; all in-branch printed marketing materials; statement inserts; and website marketing — assuming the piece is designed to attract attention or patronage to a product or business offered by the credit union. Part 740.5(b) of NCUA's Rules and Regulations authorize three versions of an official advertising statement. §740.2. 7 NOTE: The official advertising statement must be in a size and print that is clearly legible and may be no smaller than the smallest font size In addition, the NCUA insures state-chartered credit unions that seek and qualify for federal insurance. The rules instead work around "trigger terms" – if a credit union states a particular terms in the advertisement, certain additional disclosures are required. The advertising statement or sign must be legible; The font size of the advertisement must not be smaller than the smallest font size used within that particular publication; and. In general, section 740.5 requires that the offi cial advertising statement be used • The official advertising statement must be clearly legible. Nondeposit Investment Products. The unique thing about NCUA's advertising rule is that it actually requires a disclosure to appear in all advertisements - the official advertising statement. Use of ncqa logo. NCUA Staff Commentary On November 8, 1994, NCUA issued its Official Staff Interpretation (Commentary) to the Truth In Savings Rule (Part 707) incorporating much of the Supplementary information issued with Part 707 and addressing additional compliance questions. This commentary is the means by which the staff of the Office of General Counsel of the National Credit Union Administration issues official staff interpretations of Part 707 of the NCUA Rules and Regulations. A creditor shall retain evidence of compliance with this part (other than advertising requirements under §§ 1026.16 and 1026.24, and other than the requirements under § 1026.19(e) and (f)) for two years after the date disclosures are required to be made or action is required to be taken. revise certain provisions of NCUA's official advertising statement rule. Found inside – Page 947No teller in a nonfederally insured credit union may display the official NCUA sign. ... (a) Each insured credit union must include the official advertising statement, prescribed in paragraph (b) of this section, ... Yesterday, NCUA held their monthly Board meeting. Miller holds a bachelor’s degree in English with an emphasis […]. "Specifically, in 2011, while banks needed only to include the FDIC advertising statement in radio and television ads that exceeded 30 seconds, the 2011 NCUA rule change required FICUs to include NCUA's official advertising statement in radio and television ads that exceeded 15 seconds. endstream endobj 254 0 obj <. At its December meeting, the NCUA board approved a proposed rule that extends the NCUA's official advertising statement rule to all radio and . While, of course, credit unions may include the official advertising statement on advertisements that do not relate to member accounts (except for noninsured investment products), it is one thing you can take off your checklist for these types of advertisements. The second was a rule published under the Federal Trade Commission (FTC) Act and was issued jointly with the Office of Thrift Supervision (OTS) and the National Credit Union Administration (NCUA). It also establishes requirements for advertisements of excess insurance. Found insideExempt all indoor lobby signs from certain advertising requirements . Repeal TISA's civil liability provisions effective September 30 , 2001 . mittee audit responsibility• A “ balance sheet audit ” ; • A “ review and evaluation of ... Then, the rule goes and exempts this huge category of advertisements from the official advertising statement requirements. If you remember our compliance forecast from January 11 th we discussed the NCUA's intentions to amend the NCUA official advertising statement rule. It sought to protect consumers from unfair acts or Official NCUA Sign. § 328.3 Official advertising statement requirements. The National Credit Union Administration Central Liquidity Facility is a mixed-ownership Government . Official status.  NCUA finalized an amendment to change its requirements for the "official advertising statement." In 2008, NCUA amended the "official advertising statement" to allow credit unions three options. For more information about any of CSCU’s products and services, go to www.cscu.net/. Found inside – Page 40( 3 ) A copy of a standard disclosure statement for each class or type of account offered by a Federal credit union shall be ... ( j ) Advertising - In addition to the advertising requirements established in Part 740 of the Rules and ... As we are all aware, all federally insured credit unions must include the National Credit Union Administration (NCUA) information and/or sign in advertisements, which the Code of Federal Regulations defines as “a commercial message, in any medium, that is designed to attract public attention or patronage to a product or business.”. SUITE 400 Each insured credit union must display the official NCUA sign on its Internet page, if any, where it accepts deposits or opens accounts. The official NCUA advertising statement must be written as follows: Long Title: "This credit union is federally insured by the National Credit Union Administration." Short Title: "Federally insured by NCUA", or; Official Sign Alone: A reproduction of the official sign can be used as the official advertising statement. or financial statement audit. In the long version, the official advertising statement reads: "This credit union is federally insured by the National Credit Union Administration." official advertising statement insured credit unions must include in their advertisements. Good-faith compliance with NCUA's commentary affords credit unions pro - In our compliance inbox, we often get asked about advertising requirements. Posted in Marketing & Communications, NCUA. in the official sign and advertising statement concerning insurance coverage. Federal Credit Union: NCUA regulates and insures federal credit unions. Requirements for the official advertising statement. Found inside – Page 725-8740.4 Mandatory Requirements with Regard to the Official Advertising Statement and Manner of Use . required to be published by State and Federal law or regulation ; ( 2 ) Credit union supplies such as stationery ( except when used for ... National Credit Union Administration [Federal Register Volume 73, Number 82 (Monday, April 28, 2008)] [Proposed Rules] [Pages 22839-22840] From the Federal Register Online via the Government Printing Office [www.gpo.gov] [FR Doc No: E8-8967] ----- NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 740 RIN 3133-AD45 The Official Advertising Statement AGENCY: National Credit Union . Idaho House Censures Rep. Priscilla Giddings Unbecoming Conduct, Tumultuous Restart for the Idaho Legislative Session, NWCUF Helps Credit Unions Tackle Weighty Societal Issues, Filene i3 Program Application Deadline is Nov. 30, 400 High School Freshmen Get a ‘Bite of Reality’ at Fair Co-Hosted by Washington CUs. The official NCUA sign should always be visible in material considered to be an advertisement. 7535-01-U NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 740 RIN 3133-AD52 Accuracy of Advertising and Notice of Insured Status AGENCY: National Credit Union Administration (NCUA). See 12 CFR §740.5(c) for more details. And all advertisements pertaining to deposits should have the official sign or the abbreviated NCUA statement. So, a member who is interested in a loan does not really care about your insured status since the loan is not insured. Any Exceptions? What is an “advertisement” and how does the term apply to the promotional activities of federally insured credit unions? Online advertising can be an effective way to communicate quickly with current customers and members — and also potential customers and members. The official NCUA advertising statement is also required to be clearly visible on the page in a size and print that is no smaller than the smallest font size used on the related webpage. Good faith compliance with this commentary affords protection from liability under section 271(f) of the Truth in Savings Act (TISA), 12 U.S.C. Found inside – Page 826No teller in a nonfederally insured credit union may display the official NCUA sign. ... (a) Each insured credit union must include the official advertising statement, prescribed in paragraph (b) of this section, ... Federal Credit Unions (NCUA): 12 CFR 701.31(d) Federal Savings Associations (OCC): 12 CFR 128.4; Non-Member State Banks (FDIC): 12 CFR 338.3; State Savings Associations (FDIC): 12 CFR 390.145; State Member Banks (FRB): Federal Reserve Board Order on Fair Housing Advertising and Poster Requirements of March 20, 1989 (54 Fed. . The three versions of the official advertising statement are as follows: "This credit union is federally insured by the National Credit Union Administration." "Federally insured by NCUA" The three versions of the official advertising statement are as follows: "This credit union is federally insured by the National Credit Union Administration." "Federally insured by NCUA . topic pages. clearly legible. The Viriva . . The advertising statement does change from time to time as the rules relative to insured amounts are amended. Th e offi cial sign. The rule provides a couple of examples of the types of advertisements this exception covers: advertisements for loans, safety deposit boxes, traveler's checks and credit disability insurance. In its use of a trade name, a State Credit Union must exercise due diligence to assure that it is in The use and reproduction of ncqas logo is strictly prohibited. SUMMARY: Section 740.4 of NCUA's rules requires that a federally insured credit union continuously display the official NCUA sign at every teller station or (b) Official advertising statement. Under this NPR, the title of 12 CFR Part 328, currently "Advertisement of Membership" would be changed to "Advertisement of Membership . By January 1 st, 2012, you must be in compliance with the updates to Part 740.5 of the NCUA Regulations that state that credit unions will need to ensure that the official advertising statement is included with all radio and TV ads longer than 15 seconds and must me included on all annual reports and statements of condition. The Official Advertising Statement. Display MSIC's counter tents at each teller station and member service representative's desk. Here are some of these exceptions: These can all come in handy from time to time, but, the most important exception, in my humble opinion, appears last on the list: advertisements that do not relate to member accounts. In most states, state law requires state chartered credit unions to be federally insured. Part 740.5(b) of NCUA's Rules and Regulations authorize three versions of an official advertising statement. The National Credit Union Administration (NCUA) has proposed changes to advertising requirements that could force some credit unions to reduce or eliminate some of their current marketing practices. . NCUA Expands Advertising Requirements for NCUA Official Statement Jun 2011 Proposal Would Expand Requirements for NCUA Official Statement in Ads Apr 2011 . NCUA revised the requirements for use of the official insurance sign and official advertising statement to permit federally insured credit unions flexibility in advertising. NCUA Official Advertising Statement NCUA R & R Part 740.5(b) -- "official advertising statement" • "This credit union is federally insured by the National Credit Union Administration." • "Federally insured by NUA" and/or • Reproduction of the official sign • Clearly legible
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