Regulatory Alerts2014-06-18 | DFI-DIS-2014-01Use of the Terms Banking, Bank, and Banker by State-Chartered Credit Unions in Washington State
The Washington Department of Financial Institutions issued this Director’s Interpretive Statement to grant state-chartered credit unions an exemption permitting the regulated use of the terms banking, bank, and banker. The directive allows these terms in advertising and service descriptions, such as online banking or as verbs, provided they do not mislead the public into believing the institution holds a bank charter. The statement explicitly prohibits using these terms to identify the business model or form of the credit union, such as on building signage, and reserves the right to take enforcement action for non-compliance.
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