The NCUA flap in February over credit unions making sometimes unflattering comparisons of competitors in print or online surfaced again Friday with the issue being raised by the same California CU slapped for using Bauer Financial ratings on its Web site.
This time Stuart Perlitsch, president/CEO of the $329 million Glendale Area Schools FCU asked NCUA permission to resume his cancelled Bauer ads since a competitor, Lockheed Federal CU of Burbank has a Bauer ad, titled "We Sleep Easier at Night Because We Bank at LFCU–Our Money Is Safe at Lockheed."
The Lockheed ad, like Glendale Area's, lists various "star rankings" of both bank and CU competitors.
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In a letter fired off to NCUA Administrator Melinda Love, Perlitsh asks, "Did the NCUA grant permission to publish the Financial Institution Star ratings" list. Glendale Area, he wrote, ran "a virtual identical publication" but on Feb. 12 was ordered to pull it down off its Web site because of NCUA policies against "deceptive or misleading" ads relating to bank conditions.
In an apparent jibe at NCUA policy, he asked, "Should we send our publications to the NCUA prior to publication for your review?"
Officials of Lockheed were not immediately available for comment.
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