X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.