NCUA proposes advertising reg changes

NCUA has recently proposed a number of minor changes to its advertising rule that may benefit credit unions. NCUA has proposed these changes because credit unions have had stricter advertising regulations than banks, creating a competitive disadvantage. The first change is adding an additional official statement, “Insured by NCUA” to those it presently allows. The […]

NCUA has recently proposed a number of minor changes to its advertising rule that may benefit credit unions. NCUA has proposed these changes because credit unions have had stricter advertising regulations than banks, creating a competitive disadvantage.

The first change is adding an additional official statement, “Insured by NCUA” to those it presently allows. The second change will be to exempt credit unions from the mandatory official statement in television and radio advertisements that exceed 30 seconds. Presently, credit unions must use the mandatory statements in ads that run longer than 15 seconds.

Finally, NCUA is seeking input in how it should address advertising changes in the media market regarding social media and other platforms, like mobile apps and text messages. Specifically, NCUA would like input on balancing the need to inform the public while using new platforms. If you have any questions or input on these changes, please contact Mike Lee, LSCU director of regulatory advocacy, governmental affairs.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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