FFIEC Issues Social Media Guidance, Seeks Feedback


The Federal Financial Institutions Examination Council proposed Tuesday social media guidance for financial services players.

The guidance is meant "to help financial institutions identify potential risk areas to appropriately address, as well as to ensure institutions are aware of their responsibilities to oversee and control these risks within their overall risk management program," reads the 31-page document.

Among the FFIEC's suggestions were advising financial institutions to have in place risk management programs that allow them to identify, measure, monitor and control risks related to social media. These programs, as outlined in the proposed guidelines, should involve staff from compliance, technology, information security, legal, human resources and marketing. The document also details the laws and regulations that may have relevance to a bank's social media activity, such as the Fair Debt Collection Practices Act, which governs debt collection practices.

The FFIEC is seeking comments to its proposed guidance. The agency wants feedback such as whether there are areas in social media the agency has failed to explore in its document, among other things. Comments can be filed here.

The FFIEC has six voting members, with representatives from the Federal Reserve System and the Federal Deposit Insurance Corporation among them.

The guidance will be finalized sometime after a 60-day comment period.



'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.