Is your marketing in compliance?
Published by: Kim Connor
June 14, 2023 | Compliance, Member Benefits
Effective marketing is critical to any credit union’s success. From website and home banking content to social media posts, email marketing, lobby boards, and statement stuffers, the marketing team is responsible for reaching existing and potential members through engaging information about the credit union’s products and services while also ensuring that all marketing messages are compliant with federal and state advertising laws and regulations.
The number and complexity of compliance rules can make it hard to keep up. Here are five ways the Advertising Channel in InfoSight can help ease this burden.
- Ensure your marketing materials are accurate: All advertisements, promotions, and communications must be accurate and not deceptive or misleading in any respect. They may not misrepresent the products and services that credit unions offer to their members. The Advertising Channel provides product-specific compliance information such as advertising loans, deposit accounts, consumer leases, and overdraft programs.
- Help you understand and follow relevant regulations: The topics in the Advertising Channel are written in concise, easy-to-understand language that explains the law or regulation, why it is important, and what the credit union needs to do to comply. InfoSight covers topics that might be less familiar to your staff, like Website Accessibility, Endorsements and Testimonials, NCUA Advertising Signage Requirements, and Night Deposit Facilities.
- Train employees in compliance: All staff who contribute to marketing efforts must be aware of and follow regulations. Helpful items from InfoSight, including advertising checklists, compliance summaries, FAQs, and resources, give your marketing staff the information they need in a format and language that is straightforward.
- Monitor compliance changes: The marketing team needs to stay on top of changes in laws and regulations and update marketing materials and messaging, and policies and procedures accordingly. The InfoSight dashboard can be customized to show updates to selected channels (like Advertising) so you can be alerted when changes are on the horizon.
- Partner with the compliance team: Compliance extends to and is the responsibility of all departments of the credit union. Collaboration between the Marketing and Compliance teams is essential, and InfoSight helps bring your teams together with valuable information to get you on the same page to create an efficient process and ensure that any marketing or advertising efforts are both in compliance and meet the credit union’s messaging goals and objectives.
InfoSight is a complimentary League benefit. For more information about this and other compliance recourses reach out to League Director of Member Outreach, Christy Clark.