Sign Language: Washington CUs Can Scrap the ‘Credit Union’

OLYMPIA, Wash. – State chartered credit unions are not required to use the words ‘credit union’ on their public signage, the state regulator ruled. The interpretative ruling, issued last week to an anonymous credit union, furthers the move to blur the marketing distinctions between credit unions and banks and S&Ls. However, those credit unions that want to use a trade name that differs from their registered credit union name must notify the Department of Financial Institutions of its plans, and avoid any names that may be misleading, inaccurate, deceptive or misrepresent the credit union’s services, the DFI ruled. The credit union must also use its full official charter name (with the words credit union) on all communications with the state regulator or in legal documents.