Independent Banker - March 2021 - 26

PORTFOLIO
◎FOCUS COMPLIANCE
Keep your ads clean
Like any business marketing its products and services, a community
bank must keep its advertising truthful. There are plenty of regulations
specific to financial institutions under the FDIC, CFPB and other
regulators. By Mary Thorson-Wright
his past year, the Consumer
Financial Protection Bureau
(CFPB) issued several enforcement
actions to fi nancial institutions
or companies for misleading or
deceptive advertising practices. On
the CFPB Consumer Complaint
Database, the top advertising-related
issues in 2020 were 1) didn't receive
advertised terms and 2) confusing or
misleading advertising.
Community banks face tremendous
pressure to meet customers' and
T
prospective customers' expectations
while competing with larger banks
and nonbanks. To that end, getting
the word out about products and
services is critical, but this marketing
is limited by regulatory constraints,
ethical considerations and
messaging challenges.
Terms to avoid
Regulation Z - Truth in Lending
covers advertising requirements for
open-end (§ 1026.16) and closed-end
credit (§ 1026.24) and has special
rules for credit and charge card
applications and solicitations off ered
to college students (§ 1026.60).
Regulation DD - Truth in Savings
helps consumers make informed
decisions on deposit accounts. Section
1030.8 specifi es how rates of return
may be expressed and the conditions
under which additional disclosures
are required to be included in
advertisements of deposit accounts.
It prohibits misleading or inaccurate
advertisements or referring to or
describing an account as " free, "
" no cost " or a similar term if any
maintenance or activity fee may
be imposed on the account. Under
Regulation DD, the word " profi t " may
not be used in referring to interest
paid on an account.
When creating or reviewing
advertising for your community bank,
consider the accuracy, transparency
26 Q ICBA Independent Banker Q March 2021

Independent Banker - March 2021

Table of Contents for the Digital Edition of Independent Banker - March 2021

Table of Contents
Independent Banker - March 2021 - Cover1
Independent Banker - March 2021 - Cover2
Independent Banker - March 2021 - Table of Contents
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Independent Banker - March 2021 - Cover3
Independent Banker - March 2021 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/december2022
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https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
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https://www.nxtbook.com/mspc/independentbanker/december2019
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https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
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https://www.nxtbook.com/mspc/independentbanker/august2018
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https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
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