The California Department of Financial Institutions is reporting that some California credit unions are engaged in impermissible advertising campaigns by stating “everyone can join” or “all individuals can join” the credit union.
Advertisements that display this message violate state regulation concerning common-bond requirements for field of membership.
Title 10 California Code of Regulations § 30.51 provides that members must share a common bond “beyond obtaining financial services.” Stating that “everyone can join” or that “all can join” the credit union incorrectly suggests that the common-bond requirement does not apply.
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