Consumer Financial Protection Bureau (CFPB) social media guidance

The CFPB, which emerged from Dodd-Frank, oversees large banks, thrifts and credit unions and all “nonbank businesses.” Here is your definition of a nonbank business: “Effective immediately, the CFPB has authority to oversee nonbank businesses, regardless of size, in certain markets: mortgage companies (originators, brokers, and servicers, and loan modification or foreclosure relief services); payday lenders; and private education lenders.” http://www.consumerfinance.gov/blog/the-cfpb-launches-its-nonbank-supervision-program/

 

Banks, thrifts, credit unions and mortgage companies, because they are overseen by the CFPB, must comply with FFIEC guidance if they choose to use social media.

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