EL SEGUNDO, Calif. – NCUA yesterday said it cleared Mattel FCU to operate branches under different names, after those of the giant toy maker’s other operating subsidiaries.
Jay Lee, operations officer for the $30 million credit union, said it plans to name the branches in other Mattel subsidiaries, such as the Fisher Price headquarters in Aurora, N.Y., and a planned branch at Mattel’s American Girl unit in Middleton, Wis., after the subsidiary. For example, the branch in upstate New York will be known as Fisher Price FCU.
“That is the idea, and we’re currently in the process of getting approval from the Mattel Corporation,” Lee told The Credit Union Journal yesterday.
In a new legal opinion made public yesterday, NCUA said Mattel FCU may operate branches under a different name – as long as members are fully apprised. In doing so, the credit union should ensure that signs at a branch under a different name clearly reflect the branch is a division or a branch of the same insured credit union, NCUA stated.
In addition, the credit union should obtain written permission from its sponsor before using the names or trademarks of its subsidiaries, said the credit union regulator.
The local branding, according to Lee, will help employees of the credit union’s subsidiaries to identify with the credit union, a big part of the credit union culture. “Mattel (Corp.) is very big on branding and that is what we’re trying to target if we have a credit union on site. We will refer to the brand that the company has there.”
“So that way we keep the branding intact,” he stated.
