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A Look at Proposed Social Media Guidance to Financial Institutions

Earlier this year, the Federal Financial Institutions Examination Council (FFIEC) issued a notice for comment on proposed social media guidelines to financial institutions. While it remains unclear when the final supervisory guidance will issue, financial institutions would be shrewd to take certain steps. First, financial institutions should build the issues raised in the draft guidance into their risk assessment processes and enterprise-wide compliance management programs when using social media to communicate with customers. Second, the boards of directors of financial institutions also must ensure that qualified management is in place to monitor changes in both an institution?ÇÖs social media delivery channels and content thereon. In January 2013, the FFIEC issued the ?Ç£Social Media: Consumer Compliance Risk Management Guidance?Ç¥ (?Ç£the Guidance?Ç¥) specifically to banks, savings associations, and credit unions, as well as to nonbank entities supervised by the Consumer Financial Protection Bureau. The Guidance does not impose additional obligations, but rather… Continue Reading

August 2013
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