Written by Steve Van Beek
Yesterday's blog post mentioned the difference between the requirements for the "official sign" and the requirements for the "official advertising statement."
Thanks to a helpful commenter, we were informed of our inaccurate discussion of when the "official sign" is required. It is required at teller windows and:
"Each insured credit union must also display the official sign on its Internet page, if any, where it accepts deposits or open accounts, but it may vary the font sizes from that depicted in paragraph (b) of this section to ensure its legibility."
Yesterday's post (which has been updated) indicated the official sign was required on the CU's main Internet page. However, 12 CFR 740.5(a) indicates that credit unions need to use the official advertising statement on their main Internet page:
"§ 740.5 Requirements for the official advertising statement.
(a) Each insured credit union must include the official advertising statement, prescribed in paragraph (b) of this section, in all of its advertisements including, but not limited to, annual reports and statements of condition required to be published by law, and on its main Internet page, except as provided in paragraph (c) of this section. For annual reports and statements of condition required to be published by law, an insured credit union must place the official advertising statement in a prominent position on the cover page of such documents or on the first page a reader sees if there is no cover page."
Thus, for pages where the credit union accepts deposits or opens accounts the official sign would be required. However, if the credit union does not accept deposits or open accounts on its main Internet page - the credit union could use any of the three versions of the official advertising statement discussed yesterday.
That being said, I think it makes a lot of sense to include the official sign on your main Internet page.
- The official sign (NCUA logo) is one that members are accustomed to seeing on credit union main pages.
- Non-members searching your website would be informed of your insured status upfront via the official sign - which catches the eye more than "Federally insured by NCUA."
- The use or non-use of official sign is an easy item for examiners or auditors to catch. Even if the official sign is not a requirement on your main Internet page, the credit union might need to defend its decision to use the official advertising statement rather than the official sign.
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The Financial Crimes Enforcement Network (FinCEN) requested nominations to fill 14 seats on its Bank Secrecy Act Advisory Group (BSAAG). One seat is designated for a representative of a credit union trade group. NAFCU is seeking individuals who are interested in serving on the BSAAG and wish to be nominated. The term runs for three years.
The group is tasked with providing policy recommendations to the Treasury regarding the BSA. The BSAAG is comprised of representatives from federal regulatory and law enforcement agencies, financial institutions and trade groups, whose members are subject to the BSA.
The nomination notice can be found here.
If you are interested in being nominated, please contact Dillon Shea, NAFCU’s regulatory affairs counsel at dshea@nafcu.org or at 703-842-2212.
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