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InfoSight Highlight: Advertising!
Did you see the recent changes to the advertising requirements for use of the official NCUA sign/slogan? If you didn't, these changes become effective on May 25, 2018 and provide regulatory relief to federally insured credit unions, allowing an additional option for the official advertising statement. Credit unions advertising their accounts, now have the option of using "Insured by NCUA."
In addition to that new alternative, there was also an amendment to the exemption on the use of the official statement for radio and television advertisements, which is now not necessary for those advertisements less than 30 seconds as opposed to the previous 15 seconds.
Additionally, there is no longer a requirement to have the NCUA logo or official statement on the first page of your annual report, or statements of condition required to be published by law.
Check out these changes and helpful FAQs on the Advertising channel!
S. 2155 becomes law...key provisions and effective dates for compliance
Last week's passage of S. 2155 was a huge victory for credit unions! This landmark regulatory relief bill benefits credit unions in a variety of ways, from increasing the MBL cap by removing 1-to-4 family non-owner occupied residential property from the cap, to rolling back the onerous HMDA data points imposed by Dodd-Frank. Here at CUNA Compliance, the questions about S. 2155 have been rolling in at a steady pace, so we have compiled a summary chart of the provisions most likely to affect credit unions, and when they become effective. Note that these summaries are provided by the Senate Banking Committee and the full version is available here.
Note that the effective date field is blank for the majority of the provisions. This means that the Act was silent and did not specify an effective date for that particular provision. This usually means that the provision is effective upon the date of enactment (which was 5/24/2018). However, from a compliance standpoint it is not always that simple, as the agency regulation could not contain conflicting information that will need to be revised. We hope that the agencies will work with the industry in facilitating compliance with the Act as quickly as possible and provide us with guidance in the interim.
Source: CUNA Compliance Blog
NCUA seeks expansion of payday lending alternatives
Federal credit union members could have more options for short-term, small-dollar borrowing under a rule proposed by the National Credit Union Administration Board. The proposed rule would create one new product in addition to the current payday loan alternative that has been available to federally chartered credit unions since 2010. The Board also is requesting credit union stakeholders to comment on a possible third option.
For a complete listing of educational opportunities available from LCUL and to register, visit theLeague websiteand click on "Education"
Compliance Lagniappe is bi-monthly newsletter for affiliated credit unions of
the Louisiana Credit Union League. For more information or for compliance inquires, please contact the League's compliance department at [email protected].