OMAHA, Neb. – The state Department of Banking and Finance agreed this week that it is OK for credit unions to use the term ‘bank’ in their promotional and other literature. As recently as 2004, the state regulator ordered Liberty First CU of Lincoln to stop using the term in its advertising. The Nebraska CU League has been lobbying for years to change the arcane state provision that prohibits a variety of people and businesses from using the word bank in the title or a description of their businesses. But credit unions argued use of the term is unavoidable in some instances, such as when referring to their offering of Internet banking services.
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