Friday, November 28, 2014

Not in the Military, Not a Problem

The title of this post is a line from a radio ad from Andrews Federal Credit Union (Camp Springs, MD), which is running in the Washington, D.C. market.

It is clear from this radio ad that Andrews Federal Credit Union is saying it is open to the public at large and there is no membership restrictions.

The National Credit Union Administration (NCUA) in 2013 warned federal credit unions that advertising that anyone can join -- "without any qualifying language -- can give the impression that the Federal Credit Union Act’s single or multiple common bond requirements do not apply. When this occurs, the advertisements are inaccurate or deceptive."

It seems to me that saying "not in the military, not a problem" in a radio ad could be viewed as inaccurate or deceptive.

If credit unions are going to advertise that they are open to all, then Congress should revisit their tax exemption.





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