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Texas regulator urges caution in explaining CU difference
FARMERS BRANCH, Texas (10/3/08)--A Texas regulator is urging credit unions in the state to use caution with the claims they make to explain any advantages credit unions may possess in maintaining the security of members’ accounts. The Texas Credit Union Department (TCUD) issued a regulatory bulletin regarding advertising campaigns geared to educating the public about safety and soundness of credit unions (LoneStar Leaguer Oct. 2). The bulletin reads: “It has come to our attention that some credit unions have engaged in very liberal advertising campaigns using such superlatives as ‘most secure,’ ‘strongest’ and ‘safest’ or that play on public fears about other types of financial institutions.” TCUD said it has received numerous complaints that these types of ads are disseminating information that usually is impossible to justify or quantify. “We believe this form of advertising is inappropriate and, in some cases, represents a violation of state and federal laws,” the bulletin continues. “These ads undermine the public standing of other insured financial institutions and increase the public’s concerns,” TCUD said. The regulatory bulletin references a state code that says in part that “an advertisement shall be deemed to be misleading if it states that the credit union’s services are superior to or of a higher quality than that of another financial institution, unless the credit union can factually substantiate the statement.” To view the regulatory bulletin, use the link. Visitors will have to log in to view the document.
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