With more members interacting with your credit union digitally than ever before, it is critical to be skilled in the rules of social media marketing.
Credit union marketers recognize that electronic outlets like websites, blogs, and social media provide huge, and often free, marketing and advertising opportunities. Credit union compliance officers recognize that using the internet for marketing and advertising can pose huge compliance risks because all the rules for advertising disclosures that apply to print ads also apply to ads online. And because the rules for advertising differ greatly depending on the products and/or services being advertised, it can be easy to post an ad on Facebook or send a Tweet that isn’t compliant.
The Aux Compliance Team have created this timely whitepaper for you to brush up on your knowledge.
There are four main rules/regulations that address advertising compliance:
- Truth-in-Lending for loans
- Truth-in-Savings for share accounts
- Notice requirements regarding share insurance coverage and Equal Housing
- Unfair, Deceptive, and Abusive Acts and Practices (UDAAP) for all ads
While there are generally no exceptions for electronic messaging, marketers who know the rules can create engaging ads without running afoul of the examiners.
