Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Company ordered to stop using 'credit union' in loan ads
LIVONIA, Mich. (2/5/14)--A marketing company in California agreed to a 2012 cease-and-desist order by the Michigan Department of Insurance and Financial Services (DIFS) to stop misusing the term "credit union" to market loan products.
 
D and D Marketing Corp., Encino, Calif., had been using the terms "Michigan" and "credit union"--as well as names of legitimate credit unions--in marketing "unlicensed payday loans and unauthorized credit union loans to Michigan residents," according to the order.
 
One website asserted that it actually was affiliated with a Michigan credit union, while others used a combination of "Michigan," "credit union" "quick loans" and "cash advance" in the website address.
 
It is a violation of the Michigan Credit Union Act to use the term "credit union" to promote business operations by an organization that is not a licensed credit union (Michigan Monitor Feb. 4).
 
D and D Marketing had asserted that the websites and promotions had been operated by former and/or unaffiliated third-party marketing partners or "publishers."
 
In consenting to the cease-and-desist order, D and D Marketing agreed to "undertake strict marketing and advertising compliance practices" to ensure the legitimacy of third-party providers and all advertising and marketing will be done in accordance with Michigan law.
 


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
5 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
6 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
9 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
9 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
11 hours ago