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NAFCU commended the NCUA in a letter Monday for revisiting certain outdated advertising provisions for credit unions that will seek to allow the institutions greater flexibility in their advertising requirements.

Association Regulatory Affairs Counsel Andrew Morris wrote that while the "changes are modest, NAFCU appreciates any effort aimed at relieving credit unions of regulatory burden."

Federally-insured credit unions are required to use the NCUA's "official advertisement statement" when advertising. During its September meeting, the NCUA Board proposed a variant of the official advertising statement – "insured by NCUA" – so credit unions can make better use of trends in social media and other platforms.

"The proposed variant of the official advertising statement, 'insured by NCUA,' is a welcome improvement to NCUA's rules that will accommodate more economical advertisements, the cost of which is often measured in terms of length or duration," Morris wrote.

The board also proposed expanding a current exemption from the advertising statement requirement regarding radio and television advertisements and eliminating the requirement to include the advertising statement on statements of condition that are legally required to be published; NAFCU supports both these changes.

To better accommodate advertising on social media and text messaging platforms, NAFCU urged in Monday's letter that the NCUA exempt social media "posts" and text messages from the requirement to display the official advertising statement. "NAFCU believes that the exemption afforded to brief radio and television ads should be extended to social media posts and text message ads," Morris wrote.

In the alternative, he added, the NCUA should consider a "one click away" rule – specifying that social media or text message advertisements that link to a page containing the official advertising statement meet the requirement.