Mon, Sep 30, 2013
Recently, the NCUA published a letter to federal credit unions addressing what was perceived as overly aggressive marketing campaigns by federal credit unions portraying that membership to the credit union is "open to anyone." The NCUA letter went on to remind federal credit unions of the common bond requirements in the Federal Credit Union Act and NCUA rules, along with the NCUA rules for accuracy in advertising.
While the NCUA rules for accuracy in advertising apply to both federally chartered and state-chartered credit unions, the letter highlights the difference in approach regarding field of membership under state law and federal law. For a copy of NCUA's communication on accuracy of advertising as it such relates to field of membership, click here.