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InfoSight Highlight: Advertising: Telephone Consumer Protection Act
Friday, October 13, 2017 7:00 AM

A new summary and FAQs were added to the Advertising Channel. The Telephone Consumer Protection Act of 1991 places certain restrictions on the way credit unions are allowed to communicate with their members. The regulation protects consumers from unwanted telemarketing calls, which means that the consumer must authorize express written consent prior to credit union contact.

In 2015, the FCC approved additional TCPA rules that pose challenges to credit union’s using automatic telephone dialing technology. The new rules translate to consumers having an easier time revoking their consent to be contacted, creating limitations on the amount of informational, non-telemarketing calls made to members, and TCPA protections applying to text messages. As such, consumers have more protections, and credit unions face a higher risk of being non-compliant.

Since communication is a vital part of day-to-day business, whether it be calling a member to discuss about a promotional CD rate, making a collection call, or even calling to inform a member about fraud on an account, understanding the key factors of TCPA helps credit unions acknowledge expectations associated with the Act—some they may have not considered before.

There are a few exemptions for some of the calls made by credit unions, but in an environment where member contact is a day-to-day occurrence, it is best to fully assess this rule in order to remain compliant.

Source:  InfoSight Compliance.

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