Topic: Advertising & Marketing
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If we use a lobby banner to advertise account bonuses, would we have to provide additional disclosures on the banner itself?
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Regulation DD states that indoors signs (“inside the premises of a depository institution”) are not subject to the additional disclosures ordinarily required when advertising a bonus. 12 CFR 1030.8(e)(2). Of course, you must ensure that the sign is not “misleading or inaccurate.” 12 CFR 1030.8(a).
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If we send a promotional mailing on a postcard, would that violate any privacy laws? We are concerned that the postcard would reveal that the consumer is a customer of the bank.
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We agree that the fact that an individual is your customer would constitute nonpublic personal information under the federal privacy regulations. 12 CFR 1016.3(q)(2)(i)(C). While we are not aware of any specific rulings or cases on the use of postcards, we agree that a postcard with any nonpublic personal information is a potential privacy violation.
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Are there any Illinois laws that would prevent us from pulling a credit report as permitted under the FCRA?
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We are not aware of any Illinois laws that would affect your ability to pull credit reports as permitted by the federal Fair Credit Reporting Act. The Illinois Consumer Fraud and Deceptive Business Practices Act allows consumers to place a “security freeze” on their credit reports if concerned about identity theft, but it has several…
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One of our brokers, who is a dual employee with our organization and an investment company, just joined our management committee, which receives daily large deposit and loan change reports. Can we share those reports with the dual employee?
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We do not believe that the federal privacy regulations would prevent you from sharing the management committee reports with the dual employee. With that said, unless the joint marketing agreement exception applies, you will have to follow the privacy regulations’ requirements as to any information disclosed to the investment company through the dual employee. Under…
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As to advertising, e.g. a banner advertisement in newspaper, to what extent does the MLO unique identifier number have to be displayed?
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We do not believe that the mortgage loan originator’s unique identifier would have to be stated or printed in your advertisements. The SAFE Act regulations require that a mortgage loan originator (MLO) “provide his or her unique identifier to a consumer: (1) Upon request; (2) Before acting as a mortgage loan originator; and (3) Through…
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Are we prohibited from offering a certificate of deposit (C.D.) from our bank as the grand prize for a marketing promotion?
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We do not know of any prohibition against a bank offering a certificate of deposit as the prize in a drawing open to the public. The Illinois Prizes and Gifts Act governs the promotion of prizes that are used to induce people to conduct business or contact a business in Illinois. It provides that the…
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Are we required to place Truth in Savings information on retail marketing brochures (not direct solicitations)?
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Truth in Savings disclosures are required in marketing brochures, even if the brochure is not a direct solicitation. Under Regulation DD, an advertisement is any “commercial message, appearing in any medium, that promotes directly or indirectly: (1) The availability or terms of, or a deposit in, a new account; and (2) For purposes of §§…
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If we are sending out an email marketing blast, do we have to disclose that the emails are for marketing purposes? What are the federal requirements?
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The email solicitations that you are interested in sending are covered by the Controlling the Assault of Non-Solicited Pornography and Marketing Act (“CAN-SPAM Act”). The CAN-SPAM Act requires that emails with a primary purpose of advertising or promoting a commercial product or services contain the following items: 1. The email must clearly identify itself as an advertisement…