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Federal law prohibits banks from making, taking, buying, selling, redeeming, or collecting lottery tickets and from announcing, advertising, or publicizing the existence of any lottery or the existence or identity of any participant or winner of a lottery. However, giveaways that often qualify as lotteries remain popular among financial institutions. And these activities are easier to promote than ever before with the prevalence of social media use. What is ok and what isn’t? What are the rules for banks and what do banks need to consider when using social media platforms?
Plus the American Savings Promotion Act was signed into law on December 18, 2014 amending federal law to allow for savings promotion raffle products by financial institutions to encourage savings. However, many states have laws that continue to prohibit financial institutions from dealing in lotteries and related activities including savings promotion raffle products which are now permitted under federal law.
This recording identifies actions that are permitted and prohibited by financial institutions in relation to lotteries and related activities.
This two-hour webinar recording is designed to make attendees aware of rules related to lotteries, raffles, and sweepstakes. It will explore how to apply these rules to 21st Century technology and marketing techniques, rules related to specific social media platforms your bank may be using, promotions that are permissible under federal and state law, and tips to ensure you comply each time.
- Prohibited activities related to lotteries;
- Permitted activities related to lotteries;
- Examples of permissible and prohibited actions;
- Federal law related to lotteries and financial institutions;
- State law provisions impacting financial institutions;
- Activities conducted via social media;
- Social media platform rules to consider; and
- Examples of what is acceptable and what isn’t!
The recording is designed for Compliance Officers, Marketing Staff, Auditors, Management, and others involved in developing promotional activities, advertising, and ensuring compliance.