Best Practices for Compliant Social Media Marketing
In a commentary article posted on Credit Union Times our CEO, Richard Gallagher, discusses Best Practices for CU Social Media Marketing to stay compliant.
Compliance authorities are bringing their A-game, and so should you.
Is your marketing compliant? Do you know what you can and can’t say? What about your social media posts? Are they compliant? These are big questions and they won’t be ignored. The compliance authorities are bringing their A-game, and so should you! Catching one examiner’s eye could end up costing you thousands if your marketing efforts breach certain parameters, and it doesn’t even require them to visit you onsite. Let’s take a closer look. It all begins with basic guidelines set forth by the CFPB.
Basic Marketing Guidelines
The guidelines were established by the bureau as an effort to protect consumer interests. Here are general guidelines to follow when advertising on print, television, and radio. All marketing and advertising efforts must: Be factual and accurately represented, clearly explain the product or service being offered, give no misrepresentation of cost or terms, make sure all disclosures are prominently displayed, and avoid using unfamiliar terms.
Keep in mind these are general guidelines. Essentially, the idea behind the guidelines is to make sure you communicate your message clearly and to describe the product or service being offered in an accurate, honest manner. This allows the consumer to make the best possible decisions regarding the product or service being offered.
Richard Gallagher
To read more about how your credit union can be compliant with their social media marketing go check out the CU Times article and then check out Oak Tree Marketing Services for your credit union.
(note: this is an older blog entry and has been edited since originally posted.)
