Regulatory Alerts2010-02-24 | I-10-01Contemporaneous Use of Official Credit Union Name and Assumed Trade Name
The Washington State Department of Financial Institutions issued Interpretive Letter I-10-01 to authorize state-chartered credit unions to operate branches under assumed trade names, provided they adhere to strict disclosure standards. The directive mandates that credit unions clearly and conspicuously disclose the relationship between the assumed name and the official charter name in all signage, advertising, and internet presences to prevent member confusion regarding share insurance. Additionally, credit unions must register the trade name with the Department of Licensing, use the legal name for all legal documents, and obtain signed acknowledgments from members confirming their awareness that all branches are part of the same insured institution.