news.cuna.org/articles/109896-compliance-marketing-cant-be-oil-and-water-cuna-expert-tells-cmbdc
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If compliance requirements apply to traditional forms of advertising, they likely apply to new digital forms of advertising as well, said Jared Ihrig, CUNA chief compliance officer, at the CUNA Marketing & Business Development Council conference. (CUNA Photo)

Compliance, marketing can’t be oil and water, CUNA expert tells CMBDC

March 24, 2016

ANAHEIM, Calif. (3/24/16)--Changes in how marketing messages are delivered to members require marketers to work collaboratively with compliance professionals, said Jared Ihrig, chief compliance officer of the Credit Union National Association. Ihrig was speaking to CUNA Marketing & Business Development Council Conference attendees in Anaheim, Calif.

Marketing and compliance may seem like oil and water, he said, but they need to be collaborative partners in today’s environment of social media, online banking services and other electronic and Web-based products and services.

Ihrig suggested:

  • Using a cross-functional team to build and review a social media policy;
     
  • Mitigating reputation risk by being proactive rather than reactive on digital advertising compliance and social media;
     
  • Being accurate and ensuring you do not inadvertently engage in unfair, deceptive, or abusive acts and practices, as defined by the Dodd-Frank Act; and
     
  • Avoiding common advertising errors regarding disclosures, effective and expiration dates, and confusion between annual percentage rate and annual percentage yield.

For credit unions seeking to increase member engagement, gameFI founder Matt Davis encouraged using game dynamics. The same feelings of connection and achievement that games engender in their players can be used to improve employee performance and engagement and encourage members to reach their financial goals.

More coverage of this year’s CUNA Marketing & Business Development Council conference is available on news.cuna.org, including daily highlights from Sunday, Monday and Tuesday.