The Federal Financial Institutions Examination Council (FFIEC)released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau. The guidance provides considerations that financial institutions may find useful in conducting risk assessments and developing and evaluating policies and procedures regarding social media. FFIEC summarized the guidance as follows:
"A financial institution should have a risk management program that allows it to identify, measure, monitor, and control the risks related to social media. The size and complexity of the risk management program should be commensurate with the breadth of the financial institution’s involvement in this medium."
Read the news release.
Read the guidance.
ABIA will hold a webinar this spring with insurance and banking social media experts to discuss the implications for the bank-insurance environment. See ABIA's full list of upcoming events.
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