Newsroom

In a NAFCU webcast on Wednesday, CliftonLarsonAllen Principal John Zasada discussed the increasing importance of Truth In Savings Act advertising compliance to federal examiners.

Zasada noted that advertising compliance often takes a back seat to other compliance issues, including the CFPB's mortgage rules, but he said examiners might use the comparatively simple challenges of complying with advertising rules as evidence of a credit union's overall level of compliance competence.

"Advertising is the best way to get a snapshot of a credit union's ability to handle regulatory compliance," Zasada said. He also noted that examiners are increasingly scrutinizing Truth in Savings Act compliance issues.

In a survey of webcast participants Wednesday, 86 percent of attendees said they periodically check their advertising for compliance issues.

The webcast will be available on-demand through NAFCU's Online Training Center for a year.