Advertising Compliance: Deposits – ON-DEMAND WEBINARS

Date Recorded: January 3, 2022

Presenter: Anetria Cohen, VP and Senior Consultant, FORVIS

A two-hour webinar that will review advertising rules for deposits.

Advertisements can provide a great first impression to customers and potential customers. We can inform them of the products and services we provide, any specials we are offering, and our support and involvement in local community activities.

We are worried, though, about ads that may mislead customers – for example, ads that try to “bait-and-switch” a customer by advertising a product or service, while offering a different, and ads that include only the appealing parts of a product or service without having to include the unappealing parts (e.g., costs, limitations).

Because of this, advertisements and marketing for deposit accounts are subject to a number of different Federal regulations: primarily, the advertisement of FDIC/NCUA membership, Truth-in-Savings Act, and UDAP/UDAAP, but also including social media concerns. This webinar will discuss these rules and guidance as they apply to deposit accounts.

HERE IS WHAT YOU WILL LEARN:

• Advertisement of FDIC or NCUA membership
• Review Truth-in-Savings requirements that apply to advertisements:
  • Definitions;
  • Trigger terms;
  • Bonus issues; and
  • Overdraft programs.
• Discussion of Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
• Review the importance of maintaining an advertising file with proper sign-offs for the review of the examiners
• Address special issues involving the Internet or electronic advertising, including a review of the Agencies’ social media guidance
• Review deposit advertising checklists
• Review examples of deposit advertising