EHL or EHO Printed on Promotional Coupon?
by David Dickinson and Richard Insley, BOL Gurus Guru Bios
Question: Our bank is participating in a local home show. As a promotional item, we've had coupons printed with different offers - $300 towards mortgage closing costs; 1/4% off fixed home equity loan rate; 1/4% increase to current CD rates and $25 credit for opening a checking or statement savings. Instead of Equal Housing Lender with the house symbol, the coupons have Equal Housing Opportunity with the house symbol. Is this ok or does it need to say Equal Housing Lender?
Answer by David Dickinson: "Equal Housing Lender" is the Fair Housing Act's wording and "Equal Housing Opportunity" is HUD's wording. Both are OK and can be used interchangeably.
Answer by Richard Insley: You're also going to need "Member FDIC" or a suitable alternative on the ones relating to deposit products.
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