How credit unions can understand and manage the compliance risks related to their advertising.
By Steve Van Beek |
Updated on August 20, 2014
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1. Set Up a Formal Review Process. If your credit union does not already have one, establish a formal review process for all credit union advertisements. This review process helps ensure the appropriate individuals are aware of the advertising campaign and have provided the necessary approvals. The number one way to prevent claims of unfair, deceptive or abusive marketing is to make sure each ad is properly reviewed.
2. Create Internal Checklists. To help assist the formal review process, I recommend that credit unions utilize checklists to ensure advertisements contain the necessary disclosures. The hardest part of advertising compliance is the fact that the required disclosures depend on the underlying content of the advertisement. A checklist can help the credit union determine whether a trigger term is used and, if so, what additional disclosures must be included.
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