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Tuesday, September 24, 2013
SOCIAL MEDIA AND THE FFIEC
Earlier this year, the FFIEC agencies proposed guidance to address the applicability of federal consumer protection and compliance laws, regulations, and policies to activities conducted via social media. The agencies have received public comment and are currently working on the final guidance. While the proposed guidance does not create any new regulation or rule, it is a guide to the applicability of existing requirements and supervisory expectations to financial institutions’ use of social media. In addition, financial institutions will be expected to use the guidance in their efforts to ensure that their risk management practices adequately address the consumer compliance and legal risks, as well as related risks, such as reputation and operational risks, raised by activities conducted via social media.
- What kinds of activities, when conducted via social media, could increase a bank’s risk profile?
- What safeguards must banks put in place to manage their risks related to social media?
- What technologies can help?