ALEXANDRIA, Va. - NCUA has cleared Mattel FCU to operate branches under different names, like those of the giant toy maker’s other operating subsidiaries.
Jay Lee, operations officer for the $30-million credit union, said they plan to name the branches in other Mattel subsidiaries, like the Fisher Price headquarters in Aurora, N.Y., and a planned branch at Mattel’s American Girl subsidiary in Middleton, Wis., after the subsidiary. So 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,” said Lee.
In a new legal opinion made public last week, 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.”(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
