Marketing Compliance Policy
Internal review, sponsor bank approval, substantive advertising standards, and in-market monitoring for every material and campaign that promotes the program.
| Field | Value |
|---|---|
| Document | Marketing Compliance Policy |
| Version | 1.0 |
| Owner | Compliance Officer |
| Review | Annual, or on material program change |
Authorities
This policy implements, within the sponsor bank's program:
- Section 5 of the FTC Act (15 U.S.C. 45) and sections 1031 and 1036 of the Dodd-Frank Act (12 U.S.C. 5531 and 5536), which prohibit unfair, deceptive, and abusive acts or practices, including in advertising, and which the CFPB and FTC enforce alongside parallel state statutes.
- Regulation Z advertising rules (12 CFR 1026.16 and 1026.24) where the program offers credit, and Regulation DD advertising rules (12 CFR 1030.8) where it offers deposits: the terms that trigger additional disclosures and the disclosures that must accompany them.
- The FTC Endorsement Guides (16 CFR Part 255), which govern testimonials, endorsements, and the disclosure of material connections with affiliates and influencers.
- 12 CFR Part 328, the FDIC's rules on advertising and representations of deposit insurance, together with the TCPA, CAN-SPAM, E-Sign Act, and ADA as they reach outbound marketing, electronic delivery, and digital accessibility.
- The sponsor bank's program agreement, which gives the sponsor bank final approval rights over customer-facing materials, deposit insurance statements, and significant campaigns.
1. Purpose and Scope
This policy sets out how the Company develops, reviews, approves, and monitors marketing materials and marketing campaigns for the program it operates with the sponsor bank. The program agreement gives the sponsor bank final approval over customer-facing materials, and federal and state law governs the advertising of financial products and services; this policy implements both. It applies to every employee, contractor, and service provider who drafts, approves, distributes, monitors, or measures marketing, and it covers materials the Company produces directly as well as co-branded, partner, affiliate, and customer-channel materials that reference the program.
2. Definitions
| Term | Definition |
|---|---|
| Marketing materials | All written, electronic, audio, and video media that promote, advertise, describe, or solicit interest in the program, including email solicitations, web pages, blog posts, social media posts, press releases, paid digital and search advertising, paid placements, brochures, sales decks, talking points, scripts, and FAQs. |
| Marketing campaigns | Any coordinated effort using one or more channels to generate interest in the program, including digital advertising, email, content, partner co-marketing, affiliate and influencer programs, and event presence. |
| Customer-facing materials | Marketing materials, customer service scripts, statements, notices, and any other written or oral communication directed to customers, prospective customers, or consumers who transact through the program. |
| Deposit insurance statement | Any reference to FDIC insurance, deposit insurance, or insured status in any marketing material, customer-facing communication, or program disclosure. |
| Endorsement | Any message, including a testimonial, review, or social media post, that consumers are likely to read as reflecting the opinions or experience of someone other than the Company, including affiliates and influencers the Company compensates. |
| Pre-approved language | Disclosure and descriptive text the sponsor bank has approved in writing for reuse without fresh submission, as long as it is used unchanged and in the context approved. |
3. Roles and Responsibilities
| Role | Responsibilities |
|---|---|
| Compliance Officer | Owns the review and approval process. Reviews every marketing material before it goes to the sponsor bank. Maintains the marketing materials inventory, the pre-approved language library, and the sponsor bank approval log. Reviews campaign performance and complaint data for compliance issues. |
| Marketing function | Drafts materials, builds campaigns, and submits them for internal review. Sources every claim. Implements approved materials, tracks campaign performance, and surfaces issues. |
| Legal counsel | Engaged for novel claims, regulatory questions, or materials with material legal exposure. |
| Chief Executive | Approves the marketing strategy and budget and any marketing decision with material reputational or strategic weight. |
| Sponsor bank | Holds final approval rights over marketing materials, customer-facing communications, deposit insurance statements, and significant campaigns under the program agreement. |
4. Internal Review and Approval Workflow
4.1 Standard Workflow
Every marketing material follows this workflow before it is published or distributed.
| Step | Activity | Owner |
|---|---|---|
| 1. Drafting | The marketing function drafts the material with input from product, engineering, and operations as needed. Every claim is sourced and every attribution is recorded. | Marketing function |
| 2. Internal compliance review | The Compliance Officer reviews the draft against Section 5, federal and state law, the program agreement, and prior sponsor bank approvals, and returns it with required changes. | Compliance Officer |
| 3. Pre-submission revisions | The marketing function incorporates the feedback. The Compliance Officer signs off on the version intended for the sponsor bank. | Marketing function |
| 4. Sponsor bank submission | The Compliance Officer submits the material through the agreed channel with a short context note and logs the submission date and version. | Compliance Officer |
| 5. Sponsor bank review | The sponsor bank approves, requests changes, or declines. Approval is captured in writing. | Sponsor bank |
| 6. Post-approval revisions | Requested changes are made and the material resubmitted until written approval is received. | Compliance Officer |
| 7. Publication | Only after written approval may the material be published or distributed. The approved version is filed in the inventory with its use period. | Marketing function |
| 8. Post-publication monitoring | The Compliance Officer monitors the material in market for compliance concerns and tracks campaign performance under Section 9. | Compliance Officer |
The Compliance Officer's review is recorded as a completed checklist against each requirement in Section 5, with the substantiation for each claim attached. Material that would reach consumers, directly or through a customer's platform, is flagged as UDAAP-relevant for additional review and, where the claim is novel or the exposure material, for counsel review.
4.2 Expedited Path
Time-sensitive material, such as a reactive social media response, may use an expedited path: the Compliance Officer gives real-time approval where the material sits within a template the sponsor bank has already approved. Anything outside an approved template follows the full workflow.
5. Substantive Marketing Requirements
Every marketing material must satisfy the requirements below. The Compliance Officer's review checks each material against this list before submission to the sponsor bank.
5.1 Truth in Advertising, UDAP, and UDAAP
Marketing materials must be truthful and must not be unfair, deceptive, abusive, or misleading, taken as a whole and from the perspective of a reasonable recipient.
- Claims about features, benefits, fees, rates, or terms must be supported by current program documentation before they are made.
- Comparative claims against competitors or alternatives must be substantiated and current.
- Disclaimers, footnotes, and qualifications must be clear, conspicuous, and placed next to the claim they qualify.
- Materials must create no misleading impression about the source, sponsorship, or endorsement of the program.
- Materials must omit no material fact that would affect a reasonable customer's decision.
- Forward-looking statements, such as projected savings or expected timelines, carry appropriate caveats.
- Endorsements and testimonials must reflect the honest opinion and experience of a real user, must not claim results that are not typical without saying so, and must disclose clearly any payment, free product, or other material connection between the endorser and the Company.
UDAP applies under section 5 of the FTC Act and parallel state statutes. UDAAP applies under sections 1031 and 1036 of the Dodd-Frank Act wherever the program's consumer flows involve a consumer financial product or service. The Compliance Officer flags UDAAP-relevant materials for additional review.
5.2 Deposit Insurance Disclosures
Under the program agreement, any material that makes a statement about FDIC insurance coverage must:
- be submitted to the sponsor bank for approval before use;
- carry a clear, conspicuous, and proximate disclosure that the Company is not an insured depository institution and that deposit insurance protects account holders only against the failure of the sponsor bank;
- state the applicable coverage limits; and
- comply with the FDIC's rules on representations of deposit insurance, including 12 CFR Part 328.
The Compliance Officer maintains pre-approved deposit insurance language. Any deviation from that language requires fresh sponsor bank approval.
5.3 Credit and Deposit Advertising
Where the program offers credit, any material that states a triggering term under Regulation Z, such as a payment amount, a finance charge, or the number of payments, must carry the additional disclosures 12 CFR 1026.16 or 1026.24 requires, and any rate advertised must be stated as an annual percentage rate. Where the program offers deposits, any material that states a rate of return must state it as an annual percentage yield, and any triggering term under 12 CFR 1030.8 must be accompanied by the required disclosures. The Compliance Officer maintains pre-approved disclosure blocks for each product and checks each material for triggering terms during review.
5.4 E-Sign Act Compliance
Where materials direct prospective customers to sign agreements, accept disclosures, or take other actions electronically, the material and the surrounding flow must comply with the Electronic Signatures in Global and National Commerce Act:
- before a disclosure the law requires to be in writing is delivered electronically, the customer affirmatively consents to electronic delivery in a way that reasonably demonstrates the customer can access electronic records in the format used;
- the customer is told of the right to paper copies, how to obtain them, and how to withdraw consent;
- the hardware and software needed to access electronic records are disclosed; and
- consent records are retained under the Recordkeeping Policy.
5.5 Accessibility
The Company's website, mobile application, and digital marketing materials are designed and maintained to support accessibility consistent with the Americans with Disabilities Act and the Web Content Accessibility Guidelines 2.1 at Level AA. Pages and applications support keyboard navigation, screen readers, and adequate color contrast; images carry meaningful alternative text; video and audio carry captions or transcripts where reasonable; and forms carry accessible labels and error messages. Significant issues found through user feedback or testing are remediated promptly. The Compliance Officer coordinates accessibility testing of the public website and any consumer-facing component of the program at least annually and after any material redesign.
5.6 TCPA and CAN-SPAM Compliance
Outbound marketing by telephone, text message, or email complies with the Telephone Consumer Protection Act, the CAN-SPAM Act, and applicable state law.
| Channel | Key requirements |
|---|---|
| Telephone calls | Prior express consent for marketing calls to wireless numbers; do-not-call list scrubbing; calling-hour restrictions; honoring revocation requests; accurate caller identification. |
| Text messages | Prior express written consent for marketing texts; opt-out instructions in every message; opt-outs honored immediately. |
| Accurate header information; subject lines that do not mislead; a conspicuous unsubscribe mechanism; unsubscribe requests honored within 10 business days; a valid postal address in every message. |
Before any campaign launches, the Compliance Officer reviews the outbound list for consent and suppression status, and the list is scrubbed against the Company's internal do-not-contact list and, for calls and texts, the national do-not-call registry.
5.7 Privacy and Data Use
Marketing materials and the campaigns that use them comply with the program's privacy notices and applicable privacy law, including the Gramm-Leach-Bliley Act and state privacy statutes. Marketing use of customer data is subject to the Data Classification Policy: the Company may not use program data, including transaction history, balances, or behavioral data derived from the program, to market, offer, or steer customers toward products outside the program without the sponsor bank's prior written approval.
5.8 No Misrepresentation of Program Structure
Materials must describe the program accurately. The Company is a program manager that provides services in connection with accounts, payment rails, and credit products offered through the sponsor bank. Materials must not represent the Company as a bank, an insured depository institution, or the issuer of accounts, and must not misstate the relationships among the Company, the sponsor bank, customers, and consumers.
5.9 Dormant Account and Escheatment Language
Where materials describe account servicing, including the treatment of inactive accounts, the language must be consistent with the sponsor bank's dormant account policy and applicable state escheatment law. The Compliance Officer maintains current pre-approved language and confirms that any reference in a material is accurate.
5.10 Co-Branded, Partner, and Affiliate Materials
Where customers, partners, affiliates, or influencers use co-branded or program-referencing materials with consumers, those materials remain the partner's communications under its own obligations, but they can still mislead consumers about the program and expose the sponsor bank. The Company:
- provides partners with pre-approved program-reference language and disclosures for consumer-facing use;
- does not approve partner-developed materials that materially deviate from the pre-approved language without Compliance Officer review and, where applicable, sponsor bank review;
- includes terms in partner, affiliate, and influencer agreements requiring them to use the pre-approved language, to disclose their material connection with the Company in every endorsement, and to obtain the Company's approval for material deviations;
- monitors partner, affiliate, and influencer content in market for materials that misrepresent the program or omit a required disclosure; and
- requires prompt correction or removal of non-compliant content and records the outcome.
6. Channel-Specific Requirements
6.1 Public Website
The public website must accurately describe the program, the roles of the Company and the sponsor bank, and the products and services offered. Material updates, such as new product pages, changed pricing pages, or changes to deposit insurance disclosures, follow the standard workflow and sponsor bank approval.
6.2 Mobile and In-App Communications
Push notifications, in-app banners, and message-of-the-day content directed to customers are subject to the same review. The Compliance Officer maintains a library of pre-approved templates for routine messages.
6.3 Social Media
Corporate social media is operated under brand guidelines that include compliance review of substantive program-related posts. Routine non-substantive posts, such as acknowledgments, scheduling notices, and neutral commentary, do not require pre-submission review; substantive posts, such as announcements, product references, and claims about the program, follow the standard workflow.
6.4 Sales Decks and Direct Outreach Materials
Materials used in direct outreach to prospective customers follow the standard workflow and sponsor bank approval. Sales talking points and call scripts that reference the program substantively are reviewed by the Compliance Officer before they are issued to the commercial team.
6.5 Press Releases and Media Statements
Press releases, public announcements, and substantive media statements about the program are reviewed by the Compliance Officer and submitted to the sponsor bank for approval before issuance, consistent with the program agreement's requirements on public statements.
7. Marketing Compliance Training
Every employee and contractor involved in developing, approving, distributing, or operating marketing materials and campaigns completes marketing compliance training within 30 days of starting the role and annually after that. Training covers the review and sponsor bank approval workflow; the substantive requirements in Section 5, including UDAP and UDAAP, deposit insurance disclosures, credit and deposit advertising, E-Sign, accessibility, outbound consent, privacy, and endorsements; how to tell a material that needs fresh sponsor bank submission from one that falls under an existing approval; recordkeeping; and the consequences of non-compliance for the Company and the sponsor bank. Training is delivered through the Compliance Training Program, with role-specific modules for the marketing function and the commercial team, and completion is tracked and attested.
8. Marketing Materials Inventory and Recordkeeping
The Compliance Officer maintains a marketing materials inventory that records, for each material: its identifier and version; title and description; intended channels; drafting and internal review history; the sponsor bank submission and approval record, with date, approver, and version approved; active or retired status; and its use period and retirement date. Every approval carries a use period; a material whose use period has ended, or whose underlying claim, rate, fee, or disclosure has changed, is retired from every channel and resubmitted before it is used again.
All marketing materials, drafts that progressed past internal review, sponsor bank submission and approval records, review checklists and substantiation files, and post-publication revisions are retained for at least seven years from the material's retirement, consistent with the Recordkeeping Policy.
9. Campaign Monitoring and Sponsor Bank Reporting
Under the program agreement, the Company provides the sponsor bank with campaign-level performance data on request and consistent with the operating procedures, including response and conversion rates by campaign, demographic data on campaign-engaged audiences, complaint rates by campaign, and material campaign issues such as a regulatory inquiry, a complaint trend, or a material correction.
The Company also monitors its own marketing in market and feeds material findings into the Issues Management Policy. A material campaign issue is escalated to the sponsor bank promptly under the established notification cadence, and the affected material is paused or corrected while the issue is open.
10. Periodic Program Review
The Compliance Officer reviews the marketing compliance program at least annually as part of the Compliance Management System review. The review covers the effectiveness of the review and approval workflow, including turnaround times, rejection rates, and rework volumes; the quality of materials at submission; patterns in sponsor bank feedback that suggest a training or template gap; complaint trends related to marketing; regulatory developments affecting the marketing of financial products; and updates required to this policy or to the pre-approved language libraries. Findings are documented and incorporated into program updates.
11. Effective Date and Approval
This policy is approved by the Compliance Officer, reviewed annually or on any material program change, distributed to all employees and applicable contractors, and provided to the sponsor bank's compliance team.