WASHINGTON, DC (December 5, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Andrew Morris yesterday in a letter to the National Credit Union Administration (NCUA) commended the agency for revisiting certain outdated advertising provisions for credit unions that will seek to allow the institutions greater flexibility in their advertising requirements.
In the letter, Morris wrote, “The proposed variant of the official advertising statement, iinsured by NCUA,’ is a welcome improvement to NCUA’s rules that will accommodate more economical advertisements, the cost of which is often measured in terms of length or duration.”
To better accommodate advertising on social media and text messaging platforms, Morris urged that the NCUA exempt social media “posts” and text messages from the requirement to display the official advertising statement. “NAFCU believes that the exemption afforded to brief radio and television ads should be extended to social media posts and text message ads,” Morris wrote.
In the alternative, he added, the NCUA should consider a “one click away” rule – specifying that social media or text message advertisements that link to a page containing the official advertising statement meet the requirement.
For full text of the letter, please click here.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
