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Your Top 10 Internet Compliance Violations (Part II)

Last month Eli listed five of the most common Internet banking violations in the industry. Now read the second half of the top 10 Web compliance pitfalls below to ensure your Web site is up to snuff.

6. FDIC membership statement
Problem: As a symbol that tells customers you're insured in the case of bank failure, the FDIC membership belongs in lots of places on your Web site -- especially on your home page.

7. Bait and switch
Problem: Obviously, these tactics are always frowned on, but when it involves rates subject to Regulations Z, M and DD, it is especially dangerous.

8. Discrimination
Problem: Keep in mind that discrimination through discouragement is just as illegal on the Internet as it is in the lobby or your loan officer's office.

9. Disclosures
Problem: Disclosures are as important on the Internet as they are on paper. The most common problem with disclosures on the Internet is failing to provide those that should go with the application form or when the application is taken.

10. Triggering terms
Problem: These are a common Internet violation. Remember that all ad requirements apply to the Internet as well as to paper advertisements.

 

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