Reg Z triggers on advertising detailed in webcast
Feb. 20, 2014 – Credit unions that tuned into NAFCU’s webcast yesterday received common-sense tips on how to keep loan information updated throughout all marketing mediums, and how to avoid 'trigger terms," to ensure compliance with Regulation Z.
Webcast speaker Justin Robinson, director of compliance with CliftonLarsonAllen LLP, said credit unions “can only market terms that members can actually get” on loans and reminded webcast viewers to keep their websites updated.
He also warned about the use of trigger terms, including: “30-year mortgage loans” or “auto loans from 36-60 months.” He said instead of these claims, which trigger additional disclosures, a more blanket statement, such as “We have a variety of terms for our auto loans,” won’t require further clarification for compliance.
The webcast, “Advertising and Regulation Z Compliance: Are You Covered?” was moderated by NAFCU Regulatory Compliance Counsel Alicia Nealon. Robinson also discussed Regulation Z compliance for advertising of closed-end loans; closed-end, real-estate-secured loans; open-end loans; home equity lines of credit; and credit cards.
NAFCU's Feb. 19 webcast
NAFCU's 2014 unlimited webcast subscription