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balancing technology and compliance in marketingYou’d be hard-pressed to find a credit union marketer or compliance officer not overwhelmed by the nuances of today’s advertising regulations. With every regulation, product and channel comes a new set of rules. Complicating matters is the emergence of new marketing methods and technologies rule makers haven’t even contemplated.

Much of the innovation the marketing industry is experiencing is borne of the desire to use data to offer the right consumers the right product at the right time. The big data revolution, combined with a more audible consumer voice, is driving marketers in many industries to take a closer look at tools that help identify these “right” individuals. Credit union marketers, though, must be cautious when implementing these tactics. Although the spirit of their aspirations may be good natured, the compliance implications they could generate may be damaging.

Take fair lending, for example. Multiple enforcement actions have changed the way credit unions have to think about fair lending compliance. The CFPB uses complex algorithms to determine a financial consumer’s race and ethnicity. Complying with the agency’s unwritten standard is already challenging; add in emerging marketing techniques, and it becomes extremely difficult.

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