Archive

Go to:

December 2017
SMTWTFS
12
3456789
10111213141516
17181920212223
24252627282930
31
< Nov Jan >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Cornerstone Supports NCUA's Proposed Version of Official Advertising Statement
Tuesday, December 5, 2017 7:00 AM

Cornerstone Credit Union League has sent its comment letter to the National Credit Union Administration supporting the proposed addition of a fourth version of the official advertising statement.

"The proposed language would provide additional flexibility to credit unions," wrote Cornerstone SVP Regulatory Compliance Counsel Suzanne Yashewski.

Cornerstone also supports expansion of the current exemption from the advertising statement in radio and television ads, from 15 seconds in length to 30 seconds in length, and eliminating the requirement to include the official advertising statement on statement of condition required to be published by law. These changes would give credit unions parity with FDIC insured banking institutions.

Yashewski recommended NCUA consider making allowances for social media advertising as follows:

  1. NCUA rules should distinguish between messages appearing on the credit union's own social media sites as opposed to advertising that might appear on the site of a third party;
  2. NCUA rules should clarify that inclusion of the official advertising statement on the credit union's masthead or on the credit union's landing page for its social media sites satisfies the regulatory requirements rather than the official statement having to appear on every page; and
  3. NCUA rules should allow the official advertising statement to appear by link, no more than one click away, to a social media posting.

View the letter in its entirety by visiting the Cornerstone compliance pages. To access this site, you'll need your Cornerstone CUpassport ID and password.

If you need help in crafting comment letters, or if you have questions about this proposal, please contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.