Regulatory Alerts2011-12-29 | ISGC-2011-003-DOBWashington State Department of Financial Institutions Denies Use of "RecycleBank"
The Washington State Department of Financial Institutions denied RecycleRewards, Inc.'s request to use the term "RecycleBank" in its business name or trademarks. The Director of Banks determined that the term is impermissible under RCW 30.04.020 because the company is not a regulated financial institution and its use of "bank" would likely confuse the public. The agency emphasized that disclaimers cannot mitigate the inherent confusion caused by non-banks using the term, thereby protecting the statutory reservation of "bank" for actual financial entities.
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