Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1100 - Division of Credit Unions › Chapter 2 - State-Chartered Credit Unions › Section 20 CSR 1100-2.012 - Accuracy of Advertising and Use of Credit Union Name

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule explains what is allowed in the
				  use of advertising and when a credit union uses an assumed name, also known as
				  a "dba" (doing business as).
(1) No insured credit union may use any
				advertising (which includes print, electronic, or broadcast media, displays and
				signs, stationery, and other promotional material) or make any representation
				which is inaccurate, misleading, or deceptive in any particular manner, or
				which in any way misrepresents its services, contracts, or financial condition,
				or which violates the requirements of the National Credit Union
				Administration's Truth In Savings Regulation 707.8. The exception to this
				section is the approved use of an assumed name as described in sections (4)
				through (7) of this rule.
(2) If
				the director notifies a credit union that an advertisement is deemed to be
				inaccurate, misleading, or deceptive, the credit union will have fifteen (15)
				days following receipt of the notification to provide the director with
				information substantiating the truthfulness of the advertisement.
(3) The use by any person, copartnership,
				association, or corporation, except credit unions formed under the provisions
				of this chapter or any association composed exclusively of credit unions,
				including any service corporation wholly owned by credit unions or an
				association of them, of any name or title which contains the words "credit
				union" shall be a misdemeanor.
(4)
				Subject to the requirements of this rule, a credit union may adopt an assumed
				name to be used in advertising or signage, provided that the credit union uses
				its official charter name in communications with the division's office and for
				share certificates, signature cards, loan agreements, account statements,
				checks, drafts, and other legal documents. The assumed name may also be used in
				the above materials provided that it is clearly identified as such (e.g., ABC
				Credit Union dba XYZ Credit Union).
(5) A credit union shall not use an assumed
				name until it has received written approval from the director and has
				registered the name with the secretary of state.
(6) The director shall not issue approval to
				use an assumed business name if, by the director's determination, the
				designation may confuse or mislead the public, or if it is not readily
				distinguishable from, or is too similar to a name of another credit union doing
				business in this state. The director shall also make this determination in the
				event a credit union requests to change its official charter name.
(7) It is the responsibility of the
				individual credit union to comply with state and federal law applicable to
				corporate names.
(8) A credit union
				that intends to use an assumed name shall take reasonable steps to ensure that
				use of the assumed name will not result in confusion to the extent that its
				different facilities will be mistaken as different credit unions or that the
				shares deposited at or through the different facilities are separately insured
				from those of the other facilities.
(9) Each credit union will take the necessary
				steps to follow the National Credit Union Administration's requirements for the
				official sign display noting federal insurance.
(10) Any advertising that mentions share or
				savings accounts insurance provided by a party other than federal insurance
				must clearly explain the type and amount of such insurance and the identity of
				the carrier and must avoid any statement or implication that the carrier is
				affiliated with the federal government.
*Original authority: 370.071, RSMo 1977, amended 1978,
					 1986, 1991, 2007 and 370.360, RSMo 1939, amended
					 1972.