Bank marketers are responsible for promoting their financial institution’s products and services, but they must also ensure that their marketing efforts are compliant with regulations. Today’s bank marketers can stay compliant by following these best practices:
1. Understand the regulations
Federal and state laws govern how banks can market their products and services. Bank marketers should familiarize themselves with the regulations that apply to their institution, such as the Truth in Savings Act, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act.
2. Review marketing materials
Before any marketing materials are distributed, bank marketers should review them to ensure that they are compliant with regulations. This includes checking for accuracy in terms of fees, interest rates, and other terms, as well as making sure that the materials do not contain any discriminatory language.
3. Use your Compliance Officer
If your bank has a compliance officer, make sure to run everything through them and get a sign off on all materials before the materials are published.
4. Train employees
Bank marketers should also ensure that their employees are trained on compliance regulations and best practices. This can include regular training sessions or providing employees with access to training materials.
5. Maintain records
Banks are required to maintain records of their marketing activities to demonstrate compliance with regulations. Bank marketers should establish a system for maintaining records of their marketing campaigns and materials.
6. Monitor campaigns
Once a marketing campaign is launched, bank marketers should monitor it to ensure that it remains compliant. This includes reviewing customer complaints and feedback, as well as monitoring any changes in regulations that may affect the campaign.
By following these best practices, bank marketers can ensure that their marketing efforts are compliant with regulations, while still effectively promoting their institution’s products and services.
Brandon specializes in marketing for financial institutions and has handled the marketing efforts of some of the most successful banks in the United States. Learn more about our expertise in this category and contact us to get started.