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Bridging the Relationship Between Marketing and Compliance
Monday, April 24, 2017 6:40 AM

Steve Gibbs, CUCE, BSACS, AVP Shared Compliance, Credit Union Resources

The relationship between marketing and compliance has always been akin to oil and water. What looks and sounds good in an ad sometimes doesn’t pass compliance standards. In contrast, what falls within regulatory requirements doesn’t always pop or sell with the public. Let’s keep in mind that we’re all work toward the same goal in bettering our organizations. There are ways to overcome these obstacles and bring compliance and marketing together in a complementary relationship. Following are some helpful suggestions.

Communication and Regular Meetings
Schedule times for periodic meetings between compliance and marketing staff. Set an agenda to encompass upcoming ad and sales strategies. Also, be prepared to discuss new or upcoming compliance issues related to marketing.

Numerous training opportunities are open to staff online and through seminars. Many of these are available through CUNA, Cornerstone Credit Union League, and a variety of online resources. Industry periodicals can also be excellent resources in scouting for potential training opportunities.

Review – Due Diligence
No advertising or marketing material should ever go out without proper oversight and controls. Having a compliance person edit material can save untold dollars in reprints as well as protecting the credit union from potential liability. 

Build a Library
Saving ads and other materials can sometimes be beneficial in determining whether certain elements pass the compliance “test.” Keeping files separated by certain compliance areas related to specific subject matter, including deposits, lending, privacy, human resources, etc., can save time in cases where you are re-hashing strategies.

Join a Network
Sometimes groups of professionals will set up networks to share information. Broaden your network to include not only marketing but compliance as well.

Remember that with cooperation, marketing and compliance can strengthen your credit union’s image through the high-level of material it sends out.