On the heels of a letter asking DFI why they removed Banking Letter 50 from their website, WBA has sent another letter. This time, the letter shares 34 new instances of the illegal use of the word “bank.” The advertisements were discovered on Facebook pages of credit unions.
In the letter, WBA asserts that the 34 new examples not only violate s. 221.0402 (1), Wis. Stat., Use of word “bank”, but also s. 100.18 (1), Wis. Stats., Fraudulent representations, by credit unions holding themselves out as banks.
In the letter, WBA states, "The Division must do everything in its power to send a strong, unequivocal message to violators that disregard of the law, regardless of the reason, cannot and will not be tolerated. WBA respectfully requests the Division aggressively pursue enforcement to the fullest extent of the law against each and every credit union violating the law."
Read the full content of the letter here.