ALEXANDRIA, Va.–A digital world and shorter messaging have made it much more difficult to also squeeze in “This credit union is federally insured by the National Credit Union Share Insurance Fund.”
As a result, the NCUA board has put out for 60-day comment proposed rule 740, informally known as “NCUA’s Advertising Rule.”
That rule requires all federally insured credit unions to use one of three versions of NCUA’s official statement when advertising. In 2011 NCUA made its advertising rules more stringent, with agency staff telling the board the changes “put credit unions at a disadvantage. We believe those rules no longer necessary and changes will put credit unions back on level playing field.”
The proposal does away with much of the required language credit unions must include in advertising, with staff saying NCUA is “trying to develop new rules for additional digital media.”