Introduction: Advertising Deposit Accounts

The Truth-in-Savings Act and Regulation DD are the source of most of the rules affecting deposit account advertising. We describe those rules in our section titled “Truth in Savings: Ongoing Responsibilities,” which you can find toward the end of this manual. However, the federal agencies have a few rules outside of Truth in Savings that affect deposit account advertising, and this section will describe them.

First, the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) have rules that require that account advertisements include a reference to deposit account insurance.

Second, the NCUA has general rules prohibiting misleading or deceptive advertisements. Similarly, the Dodd-Frank Act prohibits unfair, deceptive and abusive acts or practices (UDAAP)

Third, federal law puts restrictions on the use of email for advertising purposes.

Fourth, federal law also restricts the use of fax machines for sending unsolicited advertisements.

Fifth, the Federal Financial Institution Examination Council (FFIEC) has issued a “guidance” on measures institutions must take to minimize risks involved with the use of “social media.”

We’ll look at these topics in this order.