If any of you have ever asked us an advertising question, you probably got some version of this somewhere in the response: "'Advertisement' is defined very broadly in [insert applicable regulation here] to cover any commercial message that promotes your [insert product or service here]." 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 ... The other regulations that govern advertisements, such as Truth in Savings and Regulation Z, do not require credit unions to always have a particular disclosure in an advertisement. A: For insured credit unions, the NCUA official advertising statement is to be used in all advertisements, including on its main Internet page, unless exempted. Tell us how we are doing and what’s important to you! 5 NCUA • Primary areas of Supervisory and Examination focus by NCUA in 2017/2018 "Federally insured by NCUA." Use of the official NCUA share insurance logo. 3.1.2 NCUA Rules -Accuracy of Advertising & Notice of Insured Status.
Section 740.5(c) provides a rather long list of advertisements that do not have to include the official advertising statement. Found inside – Page 538( 1 ) NCUA will automatically supply all insured credit unions an initial supply of official signs with a blue background ... ( 1 ) An insured credit union must include the official advertising statement in its advertisements thirty ( 30 ) ... (b) Official advertising statement. . It requires that all other kinds of advertisements be accurate. But financial institutions have to ensure their ads follow the applicable regulations, such as Regulation B, Regulation Z, Regulation DD, Fair Housing Act. in the official sign and advertising statement concerning insurance coverage.
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
NCUA CU regulator gives nod to shorter, TV/radio-friendly 'official statement' for advertising April 19, 2018 0. The official advertising statement is in substance as follows: "This credit union is federally insured by the National Credit Union Administration." Insured credit unions, at their option, may use the short title "Federally insured by NCUA" or a reproduction of NCUA's official sign, as depicted in § 740.4(b), as the official . To download a copy using Microsoft Edge, right click on the link. 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. Official Advertising Statement. The short title. . in all of its advertisements." h�bbd```b``�"��H�� "�:�l]�� DDA: Deposit Insurance or Share Insurance: Whenever a depository institution advertises FDIC-insured products, regardless of delivery channel, the institution must include the official advertising statement of FDIC membership, usually worded, "Member FDIC." Each insured credit union must include the official advertising statement of NCUA . 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, ... But there is one unique thing about NCUA's advertising rules. Found inside – Page 4852The official advertisement statement must appear , even in a mind the laws , regulations , and industry reporting requirements ... An institution's BSA / AML O Advertising and Notice of NCUA consumers with , among other things , Share ... Yesterday, NCUA held their monthly Board meeting. 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). Commenters in favor of NCUA noted that members are already familiar with NCUA, it is readily identifiable, In addition, the NCUA insures state-chartered credit unions that seek and qualify for federal insurance. The term "advertisement," as used in this part, shall mean a commercial message, in any medium, that is designed to attract public attention or patronage to a product or business. Created by and for credit unions, CSCU is the industry’s advocate, partner and leader in providing holistic payment solutions that maximize value for both credit unions and their members. 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). in all of its advertisements." To download a copy using Internet Explorer, right click on the link. (iii) Insured by NCUA; or (iv) A reproduction of the official sign as described in § 740.4(b) may be used in lieu of the other statements included in this section. "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.
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). in the dialog box. The whole point of defining "advertisement" broadly is to ensure all messages about all products and services are covered. Left click on Save target as. After a cursory review of our hosted websites, we do not believe any changes will be required to your websites. (iii) Insured by NCUA; or (iv) A reproduction of the official sign as described in § 740.4(b) may be used in lieu of the other statements included in this section. So, a member who is interested in a loan does not really care about your insured status since the loan is not insured.
276 0 obj <>/Filter/FlateDecode/ID[<370BDEFE0FA8AE42B5B29C95640271C5>]/Index[253 42]/Info 252 0 R/Length 110/Prev 194585/Root 254 0 R/Size 295/Type/XRef/W[1 3 1]>>stream Additionally, the NCUA Board is expanding a current exemption from the advertising statement requirement regarding radio and television advertisements. Â One of the final rules will impact every credit union. 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 A federal credit union can adopt a trade name for use in advertising but its official charter name, which must have the word "federal credit union" in it, must be used in all official or legal communications or documents. The NCUA Board (Board) is revising provisions of the NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). 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. For purposes of § 1026.16 (b) (1) (iii), membership fees that may be imposed on open-end (not home-secured) plans shall have the same meaning as in § 1026.60 (b) (2). "This credit union is federally insured by the National Credit Union Administration." 2. (c) Use of official advertising statement in advertisements—(1) General requirement. BOISE, ID 83705, 13221 SW 68TH PKWY, "Federally insured by NCUA" 3. Â NCUA finalized an amendment to change its requirements for the "official advertising statement."Â In 2008, NCUA amended the "official advertising statement" to allow credit unions three options. endstream endobj 254 0 obj <. Check out our resources for journalists, bloggers, communicators, and marketers. 294 0 obj <>stream Good-faith compliance with NCUA's commentary affords credit unions pro - Statements of condition and reports of condition of an insured credit union, which are required to be published by state or federal law or regulation; Credit union supplies such as stationery (except when used for circular letters), envelopes, deposit slips, checks, drafts, signature cards, account passbooks, and non-insurable certificates; Signs or plates in the credit union office or attached to the building or buildings in which the offices are located; Advertisements not setting forth the name of the insured credit union; Display advertisements in credit union directories, provided the name of the credit union is listed on any page in the directory with a symbol or other descriptive matter indicating it is insured; Joint or group advertisements of credit union services where the names of insured credit unions and non-insured credit unions are listed and form a part of such advertisement; Advertisements on radio that do not exceed 30 seconds in length; Advertisements on television, other than display advertisements, that do not exceed 30 seconds in length; Advertisements that, because of their type or character, would be impractical to include the official advertising statement, such as promotional items like calendars, matchbooks, pens, pencils, and key chains; Advertisements that contain a statement to the effect that the credit union is insured by the National Credit Union Administration, or that its accounts and shares or members are insured by the Administration to the maximum insurance amount for each member or shareholder; Advertisements that do not relate to member accounts, including but not limited to advertisements relating to loans by the credit union, safekeeping box business or services, traveller’s checks on which the credit union is not primarily liable, and credit life or disability insurance. Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Display MSIC's counter tents at each teller station and member service representative's desk. §740.2. clearly legible. At its December meeting, the NCUA board approved a proposed rule that extends the NCUA's official advertising statement rule to all radio and . And all advertisements pertaining to deposits should have the official sign or the abbreviated NCUA statement. Found inside – Page 530For variable rate accounts , credit unions would be required to include in advertisements that the rate may change after the account is opened . The truth - in - savings law does not require such a statement and we believe it should be ... Well the NCUA Board has done just that. Found inside – Page 779( 1 ) An insured credit union must include the official advertising statement in its advertisements thirty ( 30 ) ... by NCUA ” or a reproduction of the official sign , as described in $ 740.4 ( b ) , as the the official advertising ... TIGARD, OR 97223, 18000 INTERNATIONAL BLVD, A financial statement/annual report is available upon request for any current or potential member. The National Credit Union Administration (NCUA) is an independent federal agency created by Congress in 1970 to regulate all federal credit unions. Statements and Testimony; CEA Studies and Reports; NFA Documents; In general, section 740.5 requires that the offi cial advertising statement be used 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, ... When you think about it, this is a very comprehensive exception. 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. NCUA had proposed to remove three exemptions to its requirement to disclose the "official . Part 2 of 2Today we are releasing Version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Given that NCUA is placing the job of stress testing in the hands of credit unions, McWatters Thursday asked Scott Hunt, director of the Office of National Examinations and Supervision, how prepared the agency is to move forward under the new rule and protect the Share Insurance Fund and credit union members. Found inside – Page 52-90... to include thereon the official advertising statement including but not limited to , promotional items such as ... NCUA to the maximum of $ 20,000 for each depositor or shareholder ; " ( 12 ) Advertisements relating specifically and ... 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, ... Refer to the websites below for more information from the NCUA.
In the long version the official advertising statement reads. Found inside – Page 547Furthermore , cach subsidiary page of an on - line system that contains an advertisement should display the official advertising statement unless subject to one of the exceptions described under $ 328.3 ( c ) ( NCUA RR 3740,4 ( c ) ) . In addition, in order to comply with both Massachusetts law and NCUA regulations, MSIC Advertising Guidelines strongly recommend that our members: Display the MSIC sign (logo) additionally at each location required by the NCUA for the NCUA official sign. Section 740.5(a) states that "each insured credit union must include the official advertising statement . 7.1.3 Evidence of Over-reliance on Credit Rating Legislative References -- 7.2 Anticipating the Post-crisis Debate on Over-reliance -- 7.2.1 CRA Message to the Regulators -- 7.2.2 CRA Message to the Users of Credit Ratings -- Concluding ... h�b```b``�f`e``�� Ȁ �,@Q� N M�B�Y��P�.PS]�������`��`�������93 ���v⇥�5[^m;��B����?Bw����k�\��p�+�C��i�a3����&vNY��:{��f�� @m�j�W��,�g�����FNY����tp4@�6��f`p�pY�$BX6����hv�h��5 Pb`r:�E�X,� ���Ȃ�.�� �$Ʃ�-�E���� �D*�D�|f`T��p���4������6h�j20��Ҍ@�b`���3݆ǂ6ӥW�X�˲^ R�L�C3� |J~m SUITE 1102 Official status. . Save the file to the directory and folder of your choice.
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